All articles tagged with #ponzi scheme
Kevin Bacon and Kyra Sedgwick lost approximately $30 million in the Bernie Madoff Ponzi scheme, forcing a major lifestyle shift. The couple, who have been married since 1988, rebuilt their lives by moving from Los Angeles to a 40-acre farm in Sharon, Connecticut, where they now focus on agriculture and family.
Michelle Bisnoff was found guilty on 22 federal counts for defrauding investors of nearly $2 million through a fake smart ring company. She falsely claimed ownership of a patent and partnerships with Apple and Roc Nation. Sentencing is scheduled for January 2027.
Siddharth Jawahar was sentenced to 11 years in federal prison for a $35 million Ponzi scheme that defrauded 64 investors, including NFL star Travis Kelce. Court records reveal Jawahar attempted to marry a U.S. citizen to avoid deportation and paid a political consultant to influence his sentencing judge. Despite these efforts, Judge Zachary Bluestone ordered $31.35 million in restitution and rejected leniency requests.
Kansas City Chiefs tight end Travis Kelce was identified as a victim in a federal Ponzi scheme that defrauded 64 investors of over $35 million. The scheme's operator, Siddharth Jawahar, was sentenced to 11 years in prison and ordered to pay $31.35 million in restitution. Prosecutors revealed that Jawahar used funds from new investors to pay earlier ones and fund a lavish lifestyle, though details regarding Kelce's specific investment remain undisclosed.
Kansas City Chiefs tight end Travis Kelce was identified as a victim in a multi-million-dollar Ponzi scheme run by Siddharth Jawahar. Jawahar was sentenced to 11 years in prison and ordered to pay $31.35 million in restitution for defrauding 64 investors, including other NBA stars, between 2016 and 2023.
Kansas City Chiefs tight end Travis Kelce was named a victim in a multi-million dollar fraud case. Defendant Siddarth Jawahar, who ran Swiftarc Capital, was sentenced to 11 years in prison for wire fraud. Prosecutors stated Jawahar defrauded at least 64 investors of over $35 million, using new funds to pay old investors and finance a lavish lifestyle. Kelce’s specific investment details remain sealed, though other athletes like Gary Harris and Tim Hardaway Jr. were also linked to the fund.
Kansas City Chiefs tight end Travis Kelce was identified as a victim in a multimillion-dollar Ponzi scheme. Siddharth Jawahar, the operator of Swiftarc Capital LLC, was sentenced to 11 years in prison and ordered to pay $31.35 million in restitution. Prosecutors revealed that Jawahar defrauded investors of over $35 million between 2016 and 2023 by using new funds to pay existing investors and funding a lavish lifestyle. Other professional athletes, including NBA players Gary Harris, Tim Hardaway Jr., and Mason Plumlee, were also linked to the scheme. No specific details regarding Kelce's financial losses or investment timeline were disclosed.
Kansas City Chiefs tight end Travis Kelce was identified as a victim in a $35 million Ponzi scheme during the sentencing of Siddharth Jawahar. The 38-year-old defendant, who ran Swiftarc Capital LLC, was sentenced to 11 years in prison and ordered to pay $31.35 million in restitution. Prosecutors revealed that Jawahar funneled investor funds into a single failing investment while using new money to pay existing investors and fund a lavish lifestyle. While specific details regarding Kelce’s investment amount or timing were not disclosed, other athletes, including NBA players Gary Harris and Tim Hardaway Jr., were also named as victims in earlier reports.
Kansas City Chiefs tight end Travis Kelce was identified in court as a victim of Siddharth Jawahar, a Texas-based investment adviser sentenced to 11 years in prison for running a multi-million dollar Ponzi scheme. Prosecutors stated that Jawahar defrauded investors of over $35 million by funneling funds into a failing entity and using new money to pay old investors. While Kelce’s specific losses were not disclosed, he was named among the victims during the sentencing hearing in Missouri.
A federal judge in St. Louis sentenced Siddharth Jawahar to 11 years in prison for running a multi-million dollar Ponzi scheme that defrauded investors, including Kansas City Chiefs tight end Travis Kelce. The judge rejected a letter from Missouri Representative Sam Graves urging a shorter sentence, citing Jawahar's attempts to influence the court through paid media and political connections. Jawahar was also ordered to pay $31.35 million in restitution to victims.
Federal prosecutors and the SEC have charged Mark Hanf and Nam Phan with running a $103 million Ponzi scheme through Pacific Private Money, defrauding 175 investors, mostly retirees, by using new capital to pay old debts while concealing massive losses.
Todd Burkhalter, founder and CEO of Drive Planning in Atlanta, was sentenced to 20 years in prison for running what prosecutors call Georgia's largest Ponzi scheme, defrauding more than 2,000 investors of about $400 million from 2020 to 2024; funds financed an extravagant lifestyle, including a $2 million yacht and a $2.1 million Cabo San Lucas condo, with restitution exceeding $230 million; two other Drive Planning executives were also sentenced.
Todd Burkhalter, founder of Drive Planning LLC near Atlanta, was sentenced to 20 years in federal prison for orchestrating a $380 million Ponzi scheme that defrauded more than 2,000 investors to fund a lavish lifestyle (yachts, private jets, Cabo condo, luxury purchases). The scheme, active from 2020 to 2024, used fake collateral and real estate–backed investments (REAL and CORE Fund) to lure retirement funds and savings, with prosecutors calling it Georgia’s largest Ponzi case. Two of his executives received lighter sentences after pleading guilty or being convicted, including COO David Bradford (four years) and Julie Edwards (two years).
Canadian financier and producer Jason Cloth was indicted in Chicago on seven counts of wire fraud for allegedly diverting over $100 million from investors through Creative Wealth Media and related entities, funds used for other projects and to repay prior investors. Cloth had stepped down as co-head of C2 Motion Picture Group in 2024 amid fraud allegations and was arrested in Los Angeles; the case ties to Bron Studios’ bankruptcy and several lawsuits accusing him of shuffling investments. He faces up to 20 years in prison on each count and potential forfeiture of at least $12.25 million.
Hollywood producer Jason Cloth, known for Joker, was indicted in Chicago on seven counts of wire fraud for allegedly running a Ponzi-like scheme that defrauded investors of more than $100 million through Creative Wealth Media Finance Corp., using funds for other ventures including Canadian real estate and to pay back earlier investors; he was arrested in Los Angeles and faces up to 20 years per count, with at least $12.25 million in forfeiture sought.