Man sentenced in $35 million Ponzi scheme that bilked dozens, including Travis Kelce, tell me about this news in (https://www.msn.com/en-us/money/general/man-sentenced-in-35-million-ponzi-scheme-that-bilked-dozens-including-travis-kelce/ar-AA2cp0Vj?ocid=BingNewsVerp)

Here are the details regarding that news report:

Overview of the Case

An investment adviser named Siddharth “Sid” Jawahar (38) was sentenced to 11 years in federal prison and ordered to pay $31.35 million in restitution after pleading guilty to three counts of wire fraud.

The Guardian

The Scheme

• Firm & Funds: Jawahar operated Swiftarc Capital LLC, a Texas-based investment firm. Between July 2016 and December 2023, he took in more than $35 million from around 64 victims.

  The Guardian+ 1

• Misuse of Funds: Prosecutors stated that only about $10 million was actually invested. Around 99% of client capital ended up concentrated in a single declining asset (Philip Morris Pakistan). Rather than disclosing catastrophic losses, Jawahar concealed them, lied that clients’ investments were profitable, and used funds from new investors to pay back earlier ones in classic Ponzi style.

  Law Commentary+ 1

• Lavish Lifestyle: Jawahar used remaining funds to finance personal luxuries, including private jet flights, high-end apartments, luxury hotel stays, expensive restaurants, and designer goods.

  Law Commentary

• Obstruction: After his indictment, Jawahar also attempted to interfere with the investigation by coaching a witness on what to tell the FBI, lying about his finances/status, and trying to have his phone wiped remotely.

  Law Commentary

Travis Kelce’s Involvement

• Victim Status Only: Kansas City Chiefs star Travis Kelce was named in court proceedings by federal prosecutors as one of the victims who invested through a Swiftarc fund (specifically tied to Swiftarc Venture Labs).

  The Guardian

• No Wrongdoing: Kelce was not accused of any improper or illegal conduct; he was solely an affected investor alongside several other professional athletes (such as NBA players Tim Hardaway Jr. and Mason Plumlee).

  The Guardian

• Amounts Lost: While the broader scheme defrauded investors out of tens of millions of dollars, the exact dollar amount Kelce personally invested or lost was not publicly specified by prosecutors.

  The Guardian