(The AEGIS Alliance) – As per reports, a lawyer based in Los Angeles is facing a lawsuit after allegedly squandering more than $10 million of company funds in a six-month-long gambling and partying spree at a luxurious hotel in Las Vegas. The lawsuit, which was filed on February 11th in the Central District of California, alleges that Sara Jacqueline King from Orange County falsified millions of dollars worth of loans from LDR International Limited, a company based in the British Virgin Islands.
The lawsuit states that between January 2022 and October 2022, King’s lending service received a total of 97 loans from LDR International Limited, which were intended to be disbursed to third-party borrowers. However, the lawsuit alleges that these supposed borrowers did not actually exist, and King had fabricated their identities. The loans were accompanied by documentation that appeared to be from the borrowers and showed that the loans were secured with collateral, Law and Crime reported on the lawsuit.
“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 lawsuit reads.
According to the lawsuit, despite the loans being presented with documentation that showed they were secured with collateral, no collateral was ever provided.
“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 accuses Sara Jacqueline King.
The lawsuit also includes a series of photographs that King sent to the company, apparently to build trust and confidence with the firm by showcasing her connections to high-profile athletes, her lavish lifestyle, and other connections. The lawsuit notes that one of these photos depicts King posing with four NFL quarterbacks, namely Aaron Rogers, Tom Brady, Patrick Mahomes, and Josh Allen. The photo was allegedly taken during “The Match” golf tournament in Las Vegas. However, the lawsuit suggests that the photographs were part of King’s fraudulent scheme to deceive the company and maintain its trust, despite her alleged misuse of their funds.
“They show the lavish lifestyle she was living, jewelry, cars, and the image she was trying to portray, as well as being a successful California licensed attorney,” the lawsuit notes.
King Lending’s alleged six-month period of losing its license to engage in such transactions matches the timeline of King’s multi-million dollar gambling spree, as per LDR’s claims.
The lawsuit goes on and says “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.”
According to the lawsuit, almost all of the $10.2 million that King received from LDR has been spent. King’s ex-husband, who has allegedly fled to Morocco, is said to have corroborated the claims of King’s involvement in significant fraud. King has reportedly admitted that she is currently out of money.
“King has recently provided evidence she only has $11.98 to her name,” the filing mentions.
Despite her alleged involvement in fraudulent activities, the lawsuit claims that as recently as this month, King requested additional funds from LDR to recover the money she had taken. The lawsuit lists several charges against King, including breach of contract, fraud, civil theft, and “account stated,” a legal basis that enables a creditor to sue for payment in California.
Jeffrey Childers – The AEGIS Alliance – This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.