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Department of Justice, Jawahar took in more than $35 million from Swiftarc investors between July 2016 and December 2023, but invested only around $10 million. Reuters reported that NBA players Gary Harris, Tim Hardaway Jr. and Mason Plumlee were also linked to investments in the Swiftarc Venture Labs Fund.
According to the U.S. So how did one of the NFL’s biggest stars end up caught in the scheme? Jawahar ran Swiftarc Capital LLC, a Texas-based investment company that collected money from investors.
The DOJ said the Texas State Securities Board revoked Swiftarc Capital’s authority to conduct investment activities in June 2022 and ordered Jawahar to stop engaging in fraud. Prosecutors said he nevertheless continued soliciting investor money, including receiving another $1 million from an investor weeks after the order.
Rather than telling investors what was happening, prosecutors said Jawahar misrepresented the performance of their money and continued giving investors the impression that their investments were profitable. That is where the scheme took on the characteristics of a classic Ponzi operation.