Taylor Swift’s husband and Kansas City Chiefs star Travis Kelce has been identified as one of the ‘victims’ in a ‘massive’ multimillion-dollar Ponzi scheme.Kelce’s name was reportedly named in federal court on Tuesday during proceedings against Siddharth Jawahar, who was sentenced to 11 years in prison for a fraud. As per a TMZ report, the alleged Ponzi scheme raised more than USD 35 million from investors.Jawahar pleaded guilty to three counts of wire fraud and was ordered to pay more than USD 31 million in restitution.
Travis Kelce lost money in investment scheme
According to the report, Jawahar operated Swiftarc Capital LLC and allegedly invested nearly all of his clients’ money in a single venture involving Philip Morris Pakistan. When the investment performed poorly, he reportedly ‘lied to investors’ about how their money was performing and used new investor cash to pay earlier clients.Kelce’s exact financial loss in the scheme has not been disclosed. However, prosecutors confirmed that the NFL star was allegedly a ‘victim’ of the scheme and was not accused of any wrongdoing. Kelce’s name had previously been linked to a venture fund, though authorities did not list how his investment was tied to Jawahar’s scheme.
Jawahar spent investors’ money on luxury lifestyle
As per the TMZ report, Jawahar reportedly used investors’ funds to finance an extravagant lifestyle. He reportedly splurged on private jet travel, luxury hotels, restaurants, shopping and expensive apartments.He will now serve more than a decade in federal prison following his sentencing.
Travis Kelce’s life away from football
Travis’ bad investment deal comes amid an eventful period in his personal life. The Chiefs tight end recently married pop superstar Taylor Swift and has also made headlines over his investments, business deals, advertising gigs and property purchases. The NFL star hit the headlines over the purchase of his new lakefront Ohio mansion, after tying the knot with Taylor.On the work front, the NFL star is currently busy with his ongoing football matches.