Travis Kelce, a player for the Kansas City Chiefs, has been identified as one of the victims of a multi-million dollar fraud scheme that led to the 11-year conviction of Siddharth Jawahar. U.S. District Judge Zachary Bolson also ordered Jawahar to pay $31 million in restitution to his victims. This fraud took place between 2016 and 2023.
Details of the Conviction and Fraud
Jawahar, 38, who according to federal prosecutors lacks valid credentials, pleaded guilty to three counts of electronic fraud in January. During his trial session on Tuesday, a prosecutor briefly mentioned that Kelce was one of Jawahar's high-profile victims. However, no further details were provided about how Kelce became a victim.
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Jawahar's Activities and Fraud Methods
Jawahar operated an investment company called Swiftarc Capital LLC in Texas. Prosecutors stated that he used a classic Ponzi scheme method, paying off old investors' debts with new investors' money while maintaining his luxurious lifestyle. According to the U.S. Attorney's Office, he raised over $35 million from investors but only invested about $10 million.
After the indictment, Jawahar attempted to persuade one of the victims to provide a favorable statement to the authorities and also tried to erase his sister's iPhone. Representative Sam Graves from Missouri requested the judge to sentence Jawahar to a maximum of 48 months in prison. In a letter sent on September 10, Graves referenced the educational programs that Jawahar has contributed to in the prison where he is held, stating that the accused has “chosen to take responsibility and actively cooperated with the authorities.”
According to the U.S. Attorney's Office, Jawahar's failure to begin restitution to his victims was a key factor that Bolson highlighted during the trial session on Tuesday.
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