Operator of $35.6M Ponzi scheme sentenced to 11 years in prison
- —Jawahar pleaded guilty to three counts of wire fraud
- —$35.6 million was raised, but only about $10 million went into real investments
- —The court ordered $31.35 million in restitution; victims have not been repaid
- —Among victims mentioned in court was NFL player Travis Kelce
Why it matters: The case highlights the risks of fraud disguised as investment and the poor recovery of funds for victims.
Source: DiarioBitcoin