Prosecutors listed Kansas City Chiefs tight end Travis Kelce as a victim of a multimillion-dollar Ponzi scheme prosecuted in St. Louis, according to a KMOV investigative reporter who was in court when Kelce’s name was read.
Little was said about Kelce in court. He was named among at least 64 victims, according to the report. Kelce’s name is not included in the indictment or judgment in the case, both obtained by USA TODAY Sports. Victim impact statements are sealed.
How the Ponzi Scheme Worked
Kelce was listed as an investor in a fund created by Swiftarc, which was founded by the defendant, Siddarth Jawahar, according to a 2021 Forbes article. Basketball players Tim Hardaway Jr., Gary Harris and Mason Plumlee were also listed as investors in the fund by Forbes, although it was not immediately clear whether they were victims of the fraud scheme.
The indictment obtained by USA TODAY Sports said Jawahar took tens of millions of dollars from investors instead of making promised investments on their behalf.
Jawahar used money from new investors to pay earlier investors. He used the remainder to fund what the indictment described as extravagant lifestyle expenses, including private-plane flights, luxury hotels and expensive restaurant outings.
Sentence and Restitution
Jawahar, 38, pleaded guilty to three counts of wire fraud, according to court documents obtained by USA TODAY Sports. U.S. District Judge Zachary M. Bluestone sentenced him to 11 years in prison and ordered him to pay $31.35 million in restitution to victims.
This article originally appeared on USA TODAY. Reporting by Jacob Camenker, USA TODAY. USA TODAY Network via Reuters Connect.
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