Kansas City Chiefs star Travis Kelce has been named as one of the victims in a multimillion-dollar Ponzi scheme run by investment adviser Siddharth Jawahar.
However, there is still no public figure for how much Travis Kelce lost. Kelce’s exact financial loss has not been made public, and prosecutors have not accused him of any wrongdoing. NBA players Tim Hardaway Jr. and Mason Plumlee were also named as investors. The important thing is that Kelce was identified as a victim, not as someone accused of taking part in the fraud.
Prosecutors said Jawahar collected more than $35 million from investors but invested only about $10 million. Department of Justice , Jawahar began putting client money into Philip Morris Pakistan in 2015. Over time, about 99% of client funds were placed in that one investment. From about July 2016 through December 2023, Jawahar took in more than $35 million from investors. Prosecutors said only around $10 million was actually invested. A 2021 Forbes report listed Kelce among professional athletes who had invested in a Swiftarc fund.
According to the U.S. When its value fell, prosecutors said Jawahar did not tell investors what was happening. Instead, he falsely told them their investments were making money. Prosecutors gave little information about his investment during Jawahar’s sentencing and said they do not discuss individual victims.
Some of the new money was then used to pay earlier investors, while other funds paid for private jet travel , luxury hotels, expensive restaurants, clothing and high-end apartments.
The case also included allegations of efforts to interfere with the investigation. Sid Jawahar is a very good man who has done some very wrong things, very illegal things. He’s owned those things.”
Prosecutors said Jawahar tried to coach a victim’s statement, lied about his finances and immigration status, and tried to have his sister remotely wipe his iPhone. After the sentence, his lawyer Doug Passon said, “It was more time than I think Sid should have gotten.
