An Indian-origin man has been jailed for defrauding dozens of investors, including American football star and singer Taylor Swift’s husband, Travis Kelce, in the United States.
Jawahar, a co-founder and managing partner of Texas-based Swiftarc Capital, whose investors included Kelce, ran a Ponzi scheme that duped 64 investors in Missouri and other states, the US Attorney’s Office for the Eastern District of Missouri said. In 2015, he began investing client funds in a single investment, Philip Morris Pakistan (PMP), and eventually, 99% of client funds were consolidated into PMP, the US Attorney’s Office said in a statement.
US District Judge Zachary M Bluestone cited the “enormous” losses and the lengthy duration of his fraud and echoed a victim who said he “weaponised” investors’ trust While sending him to prison. The judge also said that Jawahar’s failure to begin repaying victims was a “major factor”. Jawahar used money from new investors to repay older investors and to fuel an extravagant lifestyle that included travel on private jets, stays at luxury hotels, a luxury apartment in Austin and New York City, memberships at multiple private clubs across the country, spending sprees at clothing stores and expensive outings at fancy restaurants, the office said.
