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Travis Kelce named in $35m Ponzi scheme by illegal immigrant
Travis Kelce lost $35m in Ponzi scheme run by illegal immigrant Sid Jawahar, who spent cash on jets and luxury hotels
In brief
Travis Kelce lost $35m in Ponzi scheme run by illegal immigrant Sid Jawahar, who spent cash on jets and luxury hotels Travis Kelce is a victim of a Ponzi scheme that stole $35m from investors, with the scammer Sid Jawahar sentenced to 11 years in prison Originally reported by Dailymail.
Travis Kelce named victim
Travis Kelce was named in federal court as a victim of a $35m Ponzi scheme by Siddharth Jawahar
“Travis Kelce has been named as one of the victims in a huge Ponzi scheme that saw a man scam more than $35 million from oblivious investors”
Jawahar sentenced to 11 years
Siddharth Jawahar, an illegal immigrant, received 11 years in prison for running the scheme
“The Kansas City Chiefs tight end was named in federal court on Tuesday as one of the people who lost money in the scheme, which has led to Siddharth Jawahar being sentenced to 11 years in prison”
Ponzi scheme details
Jawahhar funneled nearly all client money into Philip Morris Pakistan, then used new investor cash to pay earlier clients
“Federal prosecutors claim that when that investment didn't work out, Jawahar lied to Kelce and the other victims about how their money was performing, while also using new investor cash to pay earlier clients in a massive Ponzi scheme”
Jawahhar's lifestyle
Jawahar spent $35m on private jets, luxury hotels, and apartments in Austin and New York City
“What's more, the court heard that Jawahar, 38, used Kelce's cash to live the high life, only investing around $10 million of the $35 million he was given by the various investors, and splashing out on private jets, luxury hotel rooms and restaurants”
Kelce's losses
Kelce lost money in the scheme but has not been accused of wrongdoing
“It has not yet been revealed exactly how much Kelce lost in the scam, and prosecutors made clear that he is a victim and not accused of any wrongdoing”
Kelce's recent spending
Kelce recently bought a $5.35m lakefront mansion in Ohio and signed a $12m three-year NFL contract
“The Chiefs superstar, who is just entering his 14th season in the NFL, has also recently splurged on a $5.35 million lakefront mansion in Bratenahl, Ohio”
Other investors
NBA player Gary Harris and Miami Heat guard Tim Hardaway Jr were among investors
“Kelce is understood to be one of a number of sports stars who invested in the fund, with NBA player Gary Harris previously talking about Jawahar in an interview with Forbes”
Jawahhar's restitution
Jawahhar must pay $31.35m in restitution to victims after being sentenced
“Jawahar, meanwhile, has been ordered to pay back $31.35 million in restitution to his victims, after a judge said he 'weaponized' investors' trust”
Jawahhar's social media
Jawahhar claimed to have met NFL legend Michael Strahan on social media
“Jawahar also boasted about meeting NFL legend Michael Strahan in a post on his social media”
Kelce's wedding
Kelce married Taylor Swift in a $5m Madison Square Garden wedding
“The loss comes at a tough time for Kelce, who has had an expensive year - headlined by his huge Madison Square Garden wedding with Taylor Swift”
Investment details
Jawahhar ran Swiftarc Capital LLC, a venture capital firm that invested in Philip Morris Pakistan
“As revealed in a press release by the US Attorney's office, Jawahar - an illegal immigrant - ran Swiftarc Capital LLC and was found to have funneled nearly all of his clients' money into one investment: Philip Morris Pakistan”
Ponzi scheme impact
The scheme affected multiple investors, including NFL players and celebrities
“Back in 2 021, he spoke about his growing involvement in venture capital, and the 'strong relationship' he had built with the fraudster”
Legal consequences
Jawahhar's actions led to federal charges and a prison sentence
“The court heard that Jawahar, 38, used Kelce's cash to live the high life, only investing around $10 million of the $35 million he was given by the various investors”
Investor losses
Investors lost significant funds, with Jawahar using $35m for luxury spending
“Jawahar, 38, used Kelce's cash to live the high life, only investing around $10 million of the $35 million he was given by the various investors”
Jawahhar's background
Jawahhar has a history of financial misconduct and was previously involved with Bill Clinton
“Sid Jawahar (right) is pictured with former president Bill Clinton at an event back in 2018”
Current status
Jawahhar is serving 11 years in prison and must repay $31.35m to victims
“Jawahar, meanwhile, has been ordered to pay back $31.35 million in restitution to his victims, after a judge said he 'weaponized' investors' trust”
The one thing
Travis Kelce is a victim of a Ponzi scheme that stole $35m from investors, with the scammer Sid Jawahar sentenced to 11 years in prison
