Travis Kelce has been identified as a victim of a multimillion-dollar Ponzi scheme that prosecutors say defrauded investors of more than $35 million.
Siddharth Jawahar was sentenced to 11 years in prison after being named in federal court on Tuesday in connection with the fraud. He was also ordered to pay more than $31 million in restitution.
Jawahar pleaded guilty to three counts of wire fraud. Prosecutors said he operated Swiftarc Capital LLC and directed almost all of his clients’ money into a single investment in Philip Morris Pakistan.
When that investment failed, Jawahar allegedly misled investors about the performance of their funds and used money from new clients to pay earlier investors.
Prosecutors also said he spent investors’ money on private jets, luxury hotels, restaurants, shopping and expensive apartments.
Kelce’s precise losses have not been disclosed. Authorities made clear that the Kansas City Chiefs player was a victim of the Travis Kelce Ponzi scheme and has not been accused of wrongdoing.
The American football star had previously been linked to a venture fund, although prosecutors did not explain exactly how his investment was connected to Jawahar’s scheme.
Jawahar will now serve more than a decade in prison following his conviction and sentencing.
