Living the high life
A California attorney who was working as an agent for a lending company allegedly spent $10m of company funds partying and gambling in Las Vegas. The British Virgin Islands-based LDR International Limited is now suing Sara Jacqueline King for fraud, breach of written contracts, and civil theft. King was supposed to be facilitating loans to US clients.
using the money to fund “an extravagant lifestyle”
A Southern Division of the Central District of California petition filing outlines how King was actually using the money to fund “an extravagant lifestyle,” living at the Wynn Las Vegas casino resort for about six months and allegedly gambling constantly. LDR had sent loans to King Family Lending from January to October last year which were supposed to be given to third-party borrowers.
A significant scheme
King Lending took funds for 97 loans worth a total of more than $10.2m. The court document alleges that the loan applications from supposed third-party borrowers were falsified and fake names and documents had been used. King’s license as a finance lender became inactive in April 2022.
The lawsuit states that King has claimed she spent all of the money she took from the lender and that she “also is crossing state lines to engage in further frauds.” While King recently claimed that she has just $11.98 to her name, she was allegedly still submitting false loan contracts to the plaintiffs up to February 9. She now has 20 days to provide a response to the petition.
King appears to have been doing a lot to try to keep her fraud under wraps. She claimed that the collateral for the loans included luxury cars, yachts, jewelry, and precious coins, but this was not the case in reality. In an attempt to increase LDR’s confidence and trust in her, King would send photographs to the company showing off her supposed connections. This included a picture of her with NFL quarterbacks Aaron Rodgers, Patrick Mahomes, Josh Allen, and Tom Brady.
King’s ex-husband substantiates the claims
The period after her license went inactive was allegedly the six-month spell through which she sustained her gambling and lavish lifestyle with the stolen money. King’s ex-husband substantiates the claims that his former partner carried out a massive fraud; he has allegedly now fled to Morrocco.