A man who orchestrated a massive Ponzi scheme has admitted taking more than $25 million from investors.
The DOJ says Siddharth Jawahar, an Indian national who has lived in the United States illegally since 2005, will serve an 11-year prison term plus three years of supervised release.
Prosecutors say he took in more than $35 million from investors, but invested only about $10 million.
He used the rest to pay earlier victims and fund private plane flights, luxury hotels and expensive restaurants.
“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…
After his indictment, Jawahar tried to obstruct justice by trying to coach a victim into giving a favorable statement to the FBI, lying about his immigration status and finances and trying to get his sister to remotely wipe his iPhone to hide evidence.”
Jawahar pleaded guilty in January to three counts of wire fraud tied to Swiftarc Capital LLC.
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