Taylor Swift's husband Travis Kelce victimized in a Ponzi scheme
What's the story
Travis Kelce, the Kansas City Chiefs tight end, has been named as a victim in a Ponzi scheme that defrauded investors of over $35 million, reported The Guardian. The revelation was made by a Missouri prosecutor during the sentencing of 38-year-old Siddharth Jawahar to 11 years in prison on Tuesday. Jawahar had previously pleaded guilty to three counts of wire fraud in January. He was also ordered to pay $31.35 million in restitution.
Scheme details
Details of the Ponzi scheme
Jawahar operated a Texas-based investment firm, Swiftarc Capital LLC, which started soliciting investments in 2015.
He pooled all the funds into a single investment that depreciated in value but did not inform investors about it.
Instead, he misled them into believing they were profiting and used new investor funds to pay off earlier ones.
The scheme also financed Jawahar's "extravagant lifestyle" of private jets, luxury hotels, and high-end dining.
Athlete involvement
Other athletes who invested in Swiftarc
The prosecutor mentioned Kelce's name without elaborating on his connection to the case.
A 2021 Forbes article reported that NBA guard Gary Harris had invested in Swiftarc Ventures Labs Fund, co-founded by Jawahar.
The article also named other athletes including Kelce, Tim Hardaway Jr., and Mason Plumlee as investors.
Notably, Kelce, Hardaway, and Harris each have career earnings exceeding $111 million, according to Spotrac.
Career update
Kelce's marriage to Taylor Swift
After facing retirement rumors last season, Kelce signed a one-year extension to continue his 14th season with the Chiefs.
The team won against the Denver Broncos in their season opener on Monday.
In July, he married singer-songwriter Taylor Swift, who is worth $2.1 billion, according to Forbes.