Siddharth Jawahar has been sentenced to 11 years in prison in Missouri for running a massive Ponzi scheme that defrauded investors of over $35 million. The sentence that was handed down also requires the 38-year-old to pay $31.35 million in restitution to those he deceived.
According to PEOPLE, Jawahar ran the Texas-based investment firm Swiftarc Capital LLC. Between July 2016 and December 2023, he drew in more than $35 million from investors in Missouri and other locations, though he only invested about $10 million of that total. The Department of Justice noted in a press release that he used money from new investors to pay off older ones, a classic hallmark of a Ponzi scheme.
