Travis Kelce has been named as one of the victims in a huge Ponzi scheme that saw a man scam more than $35 million from oblivious investors.
The Kansas City Chiefs tight end was named in federal court on Tuesday as one of the people who lost money in the scheme, which has led to Siddharth Jawahar being sentenced to 11 years in prison.
As revealed in a press release by the US Attorney’s office, Jawahar – an illegal immigrant – ran Swiftarc Capital LLC and was found to have funneled nearly all of his clients’ money into one investment: Philip Morris Pakistan.
Federal prosecutors claim that when that investment didn’t work out, Jawahar lied to Kelce and the other victims about how their money was performing, while also using new investor cash to pay earlier clients in a massive Ponzi scheme.
What’s more, the court heard that Jawahar, 38, used Kelce’s cash to live the high life, only investing around $10 million of the $35 million he was given by the various investors, and splashing out on private jets, luxury hotel rooms and restaurants.
It has not yet been revealed exactly how much Kelce lost in the scam, and prosecutors made clear that he is a victim and not accused of any wrongdoing.
Travis Kelce played for the Kansas City Chiefs in Week 1 of the NFL season on Monday night
The tight end, pictured with wife Taylor Swift, has now been named as victim in a Ponzi scheme
Sid Jawahar (right) is pictured with former president Bill Clinton at an event back in 2018
The Daily Mail has also reached out to Kelce’s team for comment on the bombshell investigation.
Jawahar, meanwhile, has been ordered to pay back $31.35 million in restitution to his victims, after a judge said he ‘weaponized’ investors’ trust.
Alongside the jets and hotels, Jawahar is also alleged to have secured luxury apartments in Austin and New York City, and signed up for memberships at multiple private clubs across America.
The loss comes at a tough time for Kelce, who has had an expensive year – headlined by his huge Madison Square Garden wedding with Taylor Swift.
The Chiefs superstar, who is just entering his 14th season in the NFL, has also recently splurged on a $5.35 million lakefront mansion in Bratenahl, Ohio.
Earlier this year, though, he did put pen to paper on a huge new three-year contract with the Chiefs, which will pay him a guaranteed $12 million this season.
Across the duration of the deal, which will take him through his 39th birthday, he will earn a maximum of $57.735 million.
Kelce also recently splurged on a new $5.35 million lakehouse near his hometown in Ohio
Kelce is fully focused on the NFL season now, with the Chiefs beating the Broncos in Week 1
Jawahar also boasted about meeting NFL legend Michael Strahan in a post on his social media
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Kelce is understood to be one of a number of sports stars who invested in the fund, with NBA player Gary Harris previously talking about Jawahar in an interview with Forbes.
Back in 2021, he spoke about his growing involvement in venture capital, and the ‘strong relationship’ he had built with the fraudster.
‘It’s been fun, especially getting into the venture capital side of things,’ Harris said. ‘I’m just trying to be a sponge and trying to learn. Being around Sid has helped me grow so much as a person, especially looking to do more things than just basketball.’
Miami Heat guard Tim Hardaway Jr and former San Antonio Spurs center Mason Plumlee were also mentioned in the article as investors in the fund.