Texas fund manager sentenced to 11 years for multimillion-dollar fraud scheme

The short version

• A federal judge sentenced Siddharth Jawahar to 11 years in prison for running a multimillion-dollar Ponzi scheme through Swiftarc Capital LLC.[Fox News · NBC News]
• Federal prosecutors named Kansas City Chiefs tight end Travis Kelce as one of the victims during the sentencing hearing.[NBC News]
• Jawahar raised over $35 million from investors between 2016 and 2023, but only invested approximately $10 million while funding personal luxuries.[NBC News · The Guardian]
• The exact financial loss and investment timeline for Kelce remain unspecified in court documents.[Fox News · The Guardian]

Key facts

• U.S. District Judge Zachary M. Bluestone sentenced Siddharth Jawahar to 11 years in federal prison following his guilty plea to three counts of wire fraud.[Fox News · NBC News · The Guardian]
• Prosecutors identified Kansas City Chiefs tight end Travis Kelce as one of the high-profile victims of the fraud during Tuesday's hearing.[Fox News · NBC News · The Guardian]
• Between July 2016 and December 2023, Jawahar's firm Swiftarc Capital LLC took in over $35 million from investors, but only invested roughly $10 million.[NBC News · The Guardian]
• Prosecutors stated Jawahar used investor money to pay off earlier investors and finance personal travel, private jet flights, luxury housing, and club memberships.[Fox News · NBC News · The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Travis Kelce was among the victims of a man’s multimillion-dollar Ponzi schemeNBC News - Top Stories
• Chiefs star Travis Kelce is named among victims of $35m Ponzi schemeThe Guardian - US
• Travis Kelce among pro athletes defrauded by Ponzi scheme that funneled funds into one stockFox News