Lawyer accused of spending $10.2 million in corporate funds during Vegas gambling spree

News

By Patrick Reilly

February 19, 2023 | 00:20

A Los Angeles lawyer has reportedly been sued after she allegedly spent more than $10 million in company funds during a 6-month gambling and partying spree at a fancy Las Vegas hotel.

Sara Jacqueline King of Orange County is accused of forging millions of dollars in loans from LDR International Limited of the British Virgin Islands, according to a lawsuit filed February 11 in the Central District of California.

According to the lawsuit, the company made 97 different loans to King’s self-proclaimed loan service between January 2022 and October 2022, Law and Crime reported. The money was supposed to go to third-party borrowers, but in reality they did not exist, according to the lawsuit.

The bogus loans were presented with documents purporting to be from the borrowers, showing that they had been secured by collateral.

“King Lending’s alleged loans to third party borrowers were allegedly secured by various forms of collateral, including but not limited to luxury automobiles, boats, yachts, jewelry, watches, coins in precious metals and income from guaranteed professional sports contracts. “, indicates the lawsuit.

However, no safeguards were ever put in place, according to the lawsuit.

“King and King Lending provided the plaintiff, and his agent and representative, Laurent R., with forged and fabricated loan documents between King Lending and the alleged third-party borrowers, including a ‘secured promissory note’, with the name and other identifying information of the redacted third-party borrower,” the lawsuit alleges.

The filing further includes a number of photographs that King sent to the company in “an effort by King to increase the plaintiff’s confidence in King in terms of relationships, lifestyle and dealings with top athletes.” level in connection with his fraud and scheme”.

A photo shows King with four NFL quarterbacks – Aaron Rogers, Tom Brady, Patrick Mahomes and Josh Allen – in a photo believed to have been taken at “The Match” golf tournament in Las Vegas, according to the suit.

“They show the lavish lifestyle she lived, the jewelry, the cars and the image she was trying to portray, as well as the fact that she was a licensed California attorney,” the filing says.

LDR claims that King Lending lost its license to conduct such transactions for approximately six months, which matches the timeline of King’s multi-million dollar gambling spree.

“King spent the majority of the funds lent by Plaintiff to King Lending to gamble in Las Vegas, finance an extravagant lifestyle, and for other King personal uses,” the filing states. “Plaintiff is informed and believes that King moved into the Wynn Las Vegas resort, lived there for six months and gambled 24 hours a day, 7 days a week.”

Almost every penny of the $10.2 million King received from LDR is gone, according to the lawsuit.

The lawsuit says King’s ex-husband “has since fled to Morocco” and supported charges that King “engaged in massive fraud”, Law and Crime reported.

King now says she’s broke.

“King recently provided evidence that she only has $11.98 to her name,” according to the lawsuit.

As recently as this month, however, King is still asking LDR for more money “to get back the money she stole”.

The lawsuit charges King with breach of contract, fraud, civil theft and “declared account” – a California cause of action that allows a creditor to sue for payment.