A Los Angeles lawyer took advantage of a fraud scheme to fund a 6-month gambling spree in Las Vegas, according to a lawsuit filed in U.S. District Court in California.
Sara Jacqueline King, a lawyer from Orange County, is accused of falsifying millions of dollars worth of loans from LDR International Limited of the British Virgin Islands, according to a lawsuit filed on Feb. 11. King allegedly blew nearly every penny of the more than $10.2 million that she fraudulently secured from LDR. LDR said that it provided King Lending with 97 loans between January 2022 and October 2022 that totaled $10,258,500.
The loans were meant to be lent to third-party borrowers, but in reality, they didn't exist.
"The purported loans from King Lending to the third-party borrowers were purportedly secured by various forms of collateral, including but not limited to luxury automobiles, boats, yachts, jewelry, watches, precious metal coins, and the earnings from guaranteed professional sports contracts," the suit states.
"King and King Lending provided Plaintiff, and its agent and representative, Laurent R., with false and fabricated loan documents between King Lending and the purported third-party borrowers, including ‘Secured Promissory Note,’ with name and other identifying information of the third-party borrower redacted," the lawsuit stated.
The lawsuit claimed that King had alleged borrowers from players from the MLB, NBA, and NHL. She reportedly said that one loan was for a young NBA player.
"NBA Contract guaranteed 4.5m for 3 years, 21 years old, Toronto Raptors player. I happened to be at the NBA summer league games and got this one! Bonus is in January for $500k," King allegedly informed LDR, according to KLAS-TV.
However, the lawsuit claimed that the borrowers didn't exist, and King pocketed the money for her Las Vegas extravaganza.
"In connection with each of the 97 loans from Plaintiff to King Lending, King made various intentionally false written representations regarding the third-party loans, collateral for the third-party loans, and funding of the third-party loans, as detailed herein," the lawsuit said.
The lawsuit alleged, "King spent the majority of the funds loaned by Plaintiff to King Lending to gamble in Las Vegas, fund an extravagant lifestyle, and for other personal uses by King. Plaintiff is informed and believes that King moved into the Wynn Las Vegas resort and hotel, lived there for six months, and gambled 24/7."
The lawsuit included a photo of King mingling with top NFL quarterbacks, including Tom Brady, Aaron Rodgers, Patrick Mahomes, and Josh Allen. The photo is believed to have been taken during Capital One's "The Match" golf tournament at the Wynn Golf Club in Las Vegas last year.
LDR alleged that King was still attempting to milk money out of the company.
"King, in an email sent on February 9, 2023, is still asking Plaintiff and its principal for more money so she can try and make back the money she has stolen," the suit said. "As of February 9, 2023, King also is still sending fake deals to the Plaintiff and or its agents. King claims she has spent all of the funds and has no money left to her name. King also is crossing state lines to engage in further frauds."
King allegedly blew almost all of the $10 million and is now broke.
"King has recently provided evidence she only has $11.98 to her name," the filing said.
Law & Crime reported that King's ex-husband "has since fled to Morocco" and substantiated the allegations that "King engaged in a massive fraud."
The New York Post reported, "The lawsuit accuses King of breach of contract, fraud, civil theft and 'account stated' — a cause of action in California that allows a creditor to sue for payment."
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