Siddharth Jawahar, an illegal alien from India, was sentenced to 11 years in prison after pleading guilty to three counts of wire fraud, according to the U.S. Attorney's Office for the Eastern District of Missouri. He was ordered to pay $31.35 million in restitution to victims.
Jawahar ran Swiftarc Capital LLC, a Texas-based investment company that began investing client funds in Philip Morris Pakistan (PMP) in 2015. When the value of PMP declined after 99 percent of client funds were consolidated into the investment, Jawahar did not inform investors and falsely claimed they were making profits.
From July 2016 to December 2023, Jawahar took in more than $35 million from Swiftarc investors but invested only about $10 million. He used the remaining funds to finance an extravagant lifestyle including private jet travel, stays at luxury hotels, expensive apartments, private club memberships, and dining at high-end restaurants.
Jawahar lawfully entered the United States multiple times between August 2005 and January 2010 but illegally overstayed his approved period. He also has a prior conviction for driving while intoxicated in Texas. The FBI and the Manhattan District Attorney's Office investigated the case.