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Swiftarc

All articles tagged with #swiftarc

Kelce Among Investors in $25M Ponzi Scheme, Red Flags Highlighted
business22 days ago

Kelce Among Investors in $25M Ponzi Scheme, Red Flags Highlighted

Travis Kelce is listed as one of more than 60 investors defrauded in a $25 million Ponzi scheme tied to Siddharth Jawahar’s Swiftarc fund; while Kelce’s exact investment amount isn’t disclosed, prosecutors noted his involvement as Jawahar was sentenced to 11 years and ordered to pay $31.4 million in restitution. The scheme paid older investors with new funds and funded a lavish lifestyle, illustrating common Ponzi red flags highlighted by the SEC for due diligence when evaluating high-return offers.

via USA Today|
#business#investors#jawahar
Kelce Named as a Ponzi-Scheme Victim in St. Louis Case, Court Documents Reveal
crime-justice22 days ago

Kelce Named as a Ponzi-Scheme Victim in St. Louis Case, Court Documents Reveal

Prosecutors listed Kansas City Chiefs tight end Travis Kelce as a victim in a multi‑million‑dollar Ponzi scheme prosecuted in St. Louis, naming him among at least 64 investors in the Swiftarc fund associated with Siddarth Jawahar; Kelce’s name does not appear in the indictment or judgment, and victim impact statements are sealed. Jawahar pleaded guilty to three counts of wire fraud and was sentenced to 11 years in prison with about $31.35 million in restitution. The scheme allegedly used funds from new investors to pay earlier ones and fund lavish lifestyle expenses; other listed investors include Tim Hardaway Jr., Gary Harris, and Mason Plumlee, though their victim status is not clearly confirmed. The case centers on Jawahar’s alleged misappropriation of investors’ tens of millions of dollars.}

via USA Today|
#crime-justice#nfl#ponzi-scheme