Travis Kelce Caught in $35M Ponzi Scheme Scandal
WHO:
Daily Mail - Travis Kelce, Siddharth Jawahar
TMZ - Travis Kelce, Siddharth Jawahar
Heavy - Travis Kelce, Siddharth Jawahar
WHAT:
CNN - Siddharth Jawahar bilked 64 victims, including Travis Kelce, in the Ponzi scheme.
CNN - Jawahar was indicted by a grand jury in 2023 and pleaded guilty in January to three counts of wire fraud.
CNN - Jawahar is from India and had been living in the US without legal status since 2005.
CNN - Jawahar attempted to coach a victim into giving a favorable statement to the FBI and lied about his immigration status.
CNN - Jawahar tried to get a relative to remotely wipe his iPhone to hide evidence.
The Guardian - The Ponzi scheme involved more than $35 million from investors, with Siddharth Jawahar misleading them about their investments' performance.
The Guardian - Jawahar was reported to have taken in more than $35 million but only invested about $10 million from July 2016 through December 2023.
The Guardian - The prosecutor mentioned that Jawahar misled investors about their investments' performance and took money from new investors to repay earlier investors.
The Guardian - It is noted that Kelce is unlikely to be the only athlete involved in the Ponzi scheme, with other athletes such as Tim Hardaway Jr. and Mason Plumlee also mentioned as potential victims.
The Guardian - Kelce's career earnings, along with Hardaway and Harris, are reported to be in excess of $111 million each, according to Spotrac.
The Guardian - Kelce married Taylor Swift, who had a net worth of $2.1 billion on the day of their wedding, according to Forbes.
The Guardian - Jawahar was ordered to pay $31.35 million in restitution.
The Guardian - Jawahar ran a Texas-based investment company, Swiftarc Capital LLC, which began taking money from investors in 2015.
The Guardian - Jawahar was sentenced to 11 years in prison after pleading guilty to three counts of wire fraud in US district court in St. Louis in January.
The Guardian - Siddharth Jawahar was sentenced to 11 years in prison after pleading guilty to three counts of wire fraud in US district court in St. Louis in January.
The Guardian - Jawahar was ordered to pay $31.35 million in restitution.
The Guardian - The Ponzi scheme involved more than $35 million from investors, with Jawahar misleading them about their investments' performance.
The Guardian - Kelce's name was mentioned in court without further comment regarding the specifics of his investment or losses.
The Guardian - The US attorney’s office of the eastern district of Missouri stated that Jawahar ran a Texas-based investment company, Swiftarc Capital LLC, which began taking money from investors in 2015.
The Guardian - Jawahar was reported to have taken in more than $35 million but only invested about $10 million from July 2016 through December 2023.
The Guardian - The prosecutor mentioned that Jawahar misled investors about their investments' performance and took money from new investors to repay earlier investors.
The Guardian - It is noted that Kelce is unlikely to be the only athlete involved in the Ponzi scheme, with other athletes such as Tim Hardaway Jr. and Mason Plumlee also mentioned as potential victims.
The Guardian - Kelce's career earnings, along with Hardaway and Harris, are reported to be in excess of $111 million each, according to Spotrac.
The Guardian - Kelce married Taylor Swift, who had a net worth of $2.1 billion on the day of their wedding, according to Forbes.
The Guardian - Siddharth Jawahar was sentenced to 11 years in prison after pleading guilty to three counts of wire fraud in US district court in St. Louis in January.
The Guardian - Jawahar was ordered to pay $31.35 million in restitution.
The Guardian - Jawahar's investment company, Swiftarc Capital LLC, began taking money from investors in 2015 and only invested about $10 million from July 2016 through December 2023.
The Guardian - The Ponzi scheme involved more than $35 million from investors, with Jawahar misleading them about their investments' performance.
TMZ - The Ponzi scheme leader, Siddharth Jawahar, spent stolen funds on luxury items including Gucci and Neiman Marcus before his arrest.
NY Post - The Ponzi scheme was reported to involve a total of $35 million, which is an increase from the previously mentioned $25 million.
Sportskeeda - Travis Kelce is valued at $90 million.
Sportskeeda - The Ponzi scheme was run by Texas financier Siddharth Jawahar, who is of Indian origin.
NY Post - The Ponzi scheme was reported to involve a total of $35 million, which is an increase from the previously mentioned $25 million.
Daily Mail - Travis Kelce was named in federal court as one of the victims of a Ponzi scheme.
TMZ - The Ponzi scheme involved a loss of millions of dollars for Kelce.
Heavy - Siddharth Jawahar was sentenced to 11 years in prison for his role in the scheme, which defrauded victims of $25 million.
WHERE:
Daily Mail - The events were discussed in federal court.
WHEN:
Daily Mail - The court proceedings occurred on a Tuesday.
Heavy - The scheme was identified as a $25 million fraud scheme.
WHY:
The Guardian - Jawahar used the investment funds to support an extravagant lifestyle, including private jets and luxury living.
The Guardian - Jawahar used the investment funds to support an extravagant lifestyle, including private jets and luxury living.
Daily Mail - The scheme was orchestrated by Siddharth Jawahar, who is described as an illegal immigrant.
HOW:
The Guardian - Jawahar took money from new investors to repay earlier investors while failing to notify them of the losses incurred.
The Guardian - Jawahar took money from new investors to repay earlier investors while failing to notify them of the losses incurred.
Daily Mail - Siddharth Jawahar splashed out on private jets and luxury hotels using the stolen funds.
Siddharth Jawahar has been indicted for bilking 64 victims, including NFL star Travis Kelce, in a Ponzi scheme. Jawahar, who pleaded guilty to three counts of wire fraud earlier this year, has been living in the U.S. without legal status since 2005 and even attempted to coach one of his victims into giving a favorable statement to the FBI. In a bid to cover his tracks, he also tried to get a relative to remotely wipe his iPhone to hide evidence.