Siddharth Jawahar sentenced to 11 years for $35 million Ponzi scheme
Travis Kelce, NFL star and Taylor Swift's husband, got caught up in a more than $35 million Ponzi scheme run by Siddharth Jawahar, co-founder and managing partner of Texas-based Swiftarc Capital.
Jawahar was sentenced to 11 years in prison and ordered to pay back the money after defrauding 64 investors, including Kelce.
Funds funneled to Philip Morris Pakistan
Jawahar started his scheme back in 2015, funneling almost all investor money into Philip Morris Pakistan while hiding its losses.
Out of over $35 million raised, only $10 million was actually invested; the rest was used to repay older investors and to fuel an extravagant lifestyle that included travel on private jets, stays at luxury hotels.
He even tried to coach a victim into giving a favorable statement to the FBI and tried to get his sister to remotely wipe his iPhone to hide evidence.