U.S. District Judge Zachary M. Bluestone sentenced Siddharth Jawahar, 38, to 11 years in federal prison on September 15 and ordered him to pay $31.35 million in restitution. Jawahar pleaded guilty in January to three counts of wire fraud, according to the U.S. Attorney’s Office for the Eastern District of Missouri.
Federal prosecutors said Jawahar took in more than $35 million from investors in his Texas-based firm, Swiftarc Capital LLC, from July 2016 through December 2023, while investing only about $10 million. The government said he used money from newer investors to repay earlier ones and spent investor funds on private jets, luxury hotels, apartments, private-club memberships and other personal expenses.
The Associated Press reported that prosecutors identified Kansas City Chiefs tight end Travis Kelce as one of 64 victims during the sentencing hearing. Prosecutors did not disclose how much Kelce invested or lost, and there is no allegation of wrongdoing by Kelce. Reuters said a 2021 Forbes article had identified Kelce as an investor in a Swiftarc fund.
The Justice Department said Jawahar had falsely represented that investor money was spread among companies even as he concentrated nearly all client funds in Philip Morris Pakistan, whose value declined. The office also said he later tried to influence a victim’s FBI statement, lied about his immigration status and finances, and sought to have evidence wiped from his phone.
