A Newport Beach attorney is being sued after spending $10.2 million of company funds on a six-month Vegas binge.
Sara King, 39, is accused of stealing $10.2 million from LDR International Limited in order to pay for six months in a luxury Vegas hotel, gambling, partying, jewelry, cars, and other expenses.
LDR, a lender based in the British Virgin Islands, made nearly 100 loans to King Lending from January 2022 to October 2022.
“According to the lawsuit, the company made loans to the attorney’s lending service – which bears her name. Those loans were putatively meant to be lent to third parties. “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.”” – Law & Crime reported.
However, there was never any collateral and no borrowers.
“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 filing said, according to Law & Crime. “The photos are four different pictures of King.”
King is accused of forging loan documents in order to fund her extravagant lifestyle and six-month Vegas binge.
Law & Crime reported:
A lawyer in Los Angeles is being sued for more than $10.2 million because she allegedly used her company’s funds to sustain a lengthy, hard-partying binge at a pricey Las Vegas hotel – and committed fraud to do it.
The 33-page original petition filed in the Central District of California accuses Newport Beach-based attorney Sara Jacqueline King, a graduate of Loyola Law School, of breach of contract, fraud, and civil theft over the alleged pilfering of LDR International Limited’s coffers.
According to the filing, LDR made 97 different loans to King Lending from January 2022 through October 2022. King essentially worked as an agent for LDR, a lender based out of the British Virgin Islands, in order to facilitate loans to clients in the United States.
According to the lawsuit, the company made loans to the attorney’s lending service – which bears her name. Those loans were putatively meant to be lent to third parties. “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.”
