Travis Kelce named as victim in alleged multi-million dollar Ponzi scheme, tell me about this news in (https://www.nbcnews.com/video/travis-kelce-named-as-victim-in-alleged-multi-million-dollar-ponzi-scheme-269998149891)

Kansas City Chiefs tight end Travis Kelce was formally identified in federal court as one of the victims in a multi-million-dollar Ponzi scheme run by investment manager Siddharth Jawahar.

Key Details of the Case

• The Conviction and Sentence: Siddharth Jawahar, the 38-year-old founder of Texas-based Swiftarc Capital LLC, pleaded guilty to three counts of wire fraud. A federal judge in St. Louis sentenced him to 11 years in prison and ordered him to pay $31.35 million in restitution to defrauded investors.

• The Scheme: Between 2016 and 2023, Jawahar raised more than $35 million from investors under the premise of diversified venture capital investing. Instead, he placed nearly 99% of the invested funds into a single foreign holdingPhilip Morris Pakistan.

• The Cover-Up and Fraud: When the investment suffered steep losses, Jawahar concealed the downturn, provided falsified statements to clients claiming substantial profits, and paid returns to earlier investors using money taken from new investors. Prosecutors noted he diverted significant funds to support a lavish personal lifestyle, spending lavishly on private jet charters, luxury hotels, upscale apartments in New York and Austin, fine dining, and luxury shopping.

• Kelce’s Involvement: Kelce previously invested in Swiftarc Venture Labs Fund, a venture fund affiliated with the firm. Prosecutors named Kelce during the sentencing proceedings as one of the affected victims. Federal authorities emphasized that Kelce is strictly an injured investor and is not accused of any wrongdoing. The exact amount of Kelce’s personal financial loss has not been publicly disclosed.