ST. LOUIS — A federal judge has sentenced a Texas investment manager to 11 years in prison for operating a Ponzi scheme that caused millions of dollars in losses to investors in Missouri and elsewhere.
U.S. District Judge Zachary M. Bluestone also ordered Siddharth Jawahar, 38, to pay $31.35 million in restitution, according to the U.S. Attorney’s Office for the Eastern District of Missouri.
Federal prosecutors said Jawahar took in more than $35 million from investors between July 2016 and December 2023 but invested only about $10 million. He falsely reported profits after concentrating client money in one investment and used new investor funds to repay earlier investors.
Jawahar pleaded guilty in January to three counts of wire fraud. The FBI and Manhattan District Attorney’s Office investigated the case.
Source: U.S. Attorney’s Office, Eastern District of Missouri
