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California

California attorney accused of misappropriating $10 million to fund lavish Las Vegas lifestyle

Newport Beach lawyers allegedly defrauded lenders of $10.2 million in 2022 to fund a lavish lifestyle including jewelry, cars, 24-hour gambling and a six-month stay at a swanky Las Vegas resort. I’m here.

LDR International Limited, based in the British Virgin Islands, is suing Sarah Jacqueline King, 39. King Family Lending He is also a partner of King Reuben law firm in breach of contract, fraud and theft.

“King Lending engaged in a large-scale fraud against plaintiffs,” said a 33-page lawsuit filed in US District Court earlier this month.

King did not respond to calls and emails seeking comment. Her law firm in Newport Beach is believed to be no longer in business. she is not guilty.

Newport Beach attorney Sarah King has been accused of using $10.2 million for borrowers to fund her luxurious Las Vegas lifestyle. (Image from US District Court litigation)

According to the complaint, LDR International made 97 loans to King Lending for third party borrowers from January to October 2022.

fake collateral

The borrower’s loan was allegedly secured by collateral including luxury cars, boats, yachts, jewellery, watches, precious coins, and income from guaranteed professional sports contracts.

In both cases, King allegedly provided LDR International with proof of funding by means of false ownership documents, valuations, photographs, contracts, and checks with the borrower’s name redacted.

“Because the recipient’s name was redacted, plaintiffs were unable to verify that the funds were in fact lent to a third-party borrower,” the lawsuit states. There were no third-party borrower payments because there was no

In the lawsuit, LDR International alleges that King spent most of his loan funds on a luxurious lifestyle at the Wynn Las Vegas Resort, where he lived for six months, and gambled “24/7.”

The complaint also includes text from several emails King allegedly sent to LDR International, boasting of his success in making lucrative third-party loans.

“Finally, my favorite and most secure type of loan agreement has finally arrived,” King allegedly wrote in an email dated May 14, 2022. “Loans for guaranteed sports contracts. We have a professional hockey player who has a guaranteed contract for $3 million a year. He wants to borrow $500,000 for six months. This is a major sports contract. Because of that, the maximum rate we can charge is 6%, and we are happy to give you 4% instead of 3.6% of your money, which is a win for you.”

King also sent a photo of himself on a Las Vegas golf course with NFL quarterbacks Aaron Rodgers, Tom Brady, Patrick Mahomes, and Josh Allen to LDR International in June 2022, earning notable recognition. He showed a connection with the athlete.

detective work

Ronald Richards, a Beverly Hills attorney at LDR International, took matters into his own hands to prevent King from taking the rest of his client’s funds through gambling. and asked an employee to notify him if she was found.

“She was literally moving from one place to another,” Richards said. “I couldn’t stop her from gambling.”

Richards finally hit the jackpot when he snapped a picture of the cocktail waitress at Resorts World Las Vegas, who was allegedly victimized by King, wearing a white hat and sitting at a gaming table. Lawyers used facial recognition technology to send photos to casino security personnel to identify and locate King as he was taken from the facility.

Newport Beach attorney Sarah King allegedly gambling at Resorts World Las Vegas in 2022 (Courtesy of Ronald Richards)
Newport Beach attorney Sarah King allegedly gambling at Resorts World Las Vegas in 2022 (Courtesy of Ronald Richards)

https://www.mercurynews.com/2023/02/27/newport-beach-attorney-accused-of-misappropriating-10-million-to-fund-lavish-vegas-lifestyle/ California attorney accused of misappropriating $10 million to fund lavish Las Vegas lifestyle

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