A Texas investment firm leader will spend the next decade behind bars after orchestrating a massive Ponzi scheme that targeted dozens of people, including NFL star Travis Kelce. On Tuesday, U.S. District Judge Zachary Bluestone sentenced 38 year old Siddharth Jawahar to 11 years in federal prison. In addition to the prison term, the judge ordered Jawahar to pay over 31 million dollars in restitution to those defrauded by his business operations.
Operating under the name Swiftarc Capital LLC between 2016 and late 2023, Jawahar managed to bring in more than 35 million dollars from investors. However, court records reveal that only about a third of that money was actually invested. Instead, Jawahar utilized a classic pyramid structure, using funds from new clients to pay off earlier ones while siphoning off millions to maintain a lavish personal life. His spending spree included high end apartments in Austin and New York City, frequent trips on private jets, and other opulent expenses.
Among the sixty four identified victims was Kansas City Chiefs tight end Travis Kelce, whose involvement was noted during court proceedings though officials provided few specific details regarding his losses. While representatives for Kelce have not commented on the matter, previous reports indicated he had invested in a fund established by Swiftarc several years ago.
The legal downfall of Jawahar followed an indictment last year and a subsequent guilty plea to three counts of wire fraud this past January. Prosecutors painted a picture of a defendant who attempted to evade justice even after being caught, alleging that Jawahar tried to manipulate a victim into lying to the FBI and attempted to have a relative remotely wipe his phone to destroy evidence. Court documents also revealed that Jawahar had been living in the United States without legal status since 2005.