Sara Jacqueline King has been accused of stealing $10.3 million through bogus loans from LDR International Limited based in the British Virgin Island, KTLA 5 has reported, citing court filings with the US District Court of California dated February 11. King worked as a lawyer and had her own lending business, it appears enabling her to secure funds from the plaintiff and falsify the records. The Los Angeles lawyer purportedly conducted the fraud through King Lending, which she owned.
Funding a $10M Binge in the Heart of Vegas
The lawsuit alleges that LDR International made 97 loans to third-party borrowers, but those records were in fact bogus. King actually ended up remitting money to her own accounts and used it to maintain a swanky lifestyle and a several-month binge at a prominent gambling property in Nevada. King’s alleged real net worth was only $11.98, the lawsuit shockingly suggests.
According to the plaintiff, King moved and lived in the Las Vegas casino resort for a period of six months during which she maintained a lavish lifestyle and gambled 24/7. King managed to provide convincing records of some of the alleged loans she offered to third-party borrowers, arguing that they were backed up by collateral such as luxury cars, jewellery, antique precious metal coins, handbags, yachts, and others.
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.
Lawsuit filed against Sara Jacqueline King
Interestingly, the plaintiff also noted that 30 sports contracts with various major sports organizations were also listed as collateral in some of the loans. The lawsuit further alleges that each of the 97 loans was backed by false written representation provided by King.
King also managed to maintain a look for herself, and she has been seen taking photos with NFL quarterbacks, such as Patrick Mahomes, Josh Allen, Tom Brady, and Aaron Rogers. These photos and materials, included in the lawsuit, were provided as proof by the plaintiff that King was actually trying to increase the plaintiff’s trust in her abilities to manage the money.