Bulgaria News
(AP Photo/Ryan Kang)
Nobody takes a hit like Travis Kelce, except maybe his wallet.
The NFL superstar was named as a victim in an elaborate Ponzi scheme that bilked investors out of $35 million, TMZ reported on Wednesday.
Siddharth Jawahar was sentenced on Tuesday to 11 years in prison, according to a statement from the U.S. Attorney’s Office of the Eastern District of Missouri.
Jawahar, 38, was also ordered to pay his victims a total of $31.35 million, according to federal authorities.
Jawahar, an illegal immigrant, was behind a Texas-based investment company called Swiftarc Capital LLC, according to the U.S. Attorney’s office, which added:
In 2015, [Jawahar] began investing client funds in a single investment, Philip Morris Pakistan (PMP). Eventually, 99% of client funds were consolidated into PMP. When the value of PMP declined, Jawahar did not tell investors and falsely claimed that his investors were making profits. Investors were also falsely led to believe that he’d invested their money in a specific company or companies but he never made the promised investments.
Authorities said Jawahar used the money to repay older investors and live the high life, including private jets, luxury hotel says, homes in Texas and New York, and dinners at luxe restaurants.
After his indictment, Jawahar attempted to obstruct justice after he was indicted by goading one of his victims into making favorable testimony to the feds and trying to get his sister to remotely wipe his cellphone, according to the U.S. attorney statement.
Kelce, currently in his 12th season with the Kansas City Chiefs, is one of the highest-paid players in the NFL.
It’s not clear how much he lost in the elaborate scam.
Kelce is the husband of pop princess Taylor Swift, who, according to Forbes, has a net worth of more than $2.1 billion.
This is a developing story and has been updated.
The post Travis Kelce Falls Victim to Multi-Million-Dollar Ponzi Scheme: Report first appeared on Mediaite.
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