CLEVELAND, Ohio – An investment adviser was sentenced Tuesday to 11 years in federal prison for running a Ponzi scheme that defrauded investors out of millions of dollars, including several Northeast Ohio residents.
U.S. District Judge Zachary M. Bluestone in St. Louis, Missouri also ordered Siddharth Jawahar, 38, to pay $31.35 million in restitution after he pleaded guilty in January to three counts of wire fraud.
Jawahar operated a Texas-based investment company called Swiftarc Capital LLC. Beginning in 2015, he invested client funds primarily in Philip Morris Pakistan. When that investment declined in value, Jawahar falsely told investors they were making profits, according to court documents…