Lawsuit: Lawyer misspent $10M of firm’s money partying at Las Vegas Strip resort
LAS VEGAS, Nev. (FOX5) - An attorney working for a lender based in the British Virgin Islands is being sued for more than $10 million after she allegedly used company funds for her personal use rather than for work purposes, a lawsuit claims.
Sara Jacqueline King, of Orange County, used the monies to live “an extravagant lifestyle” at the Wynn on the Las Vegas Strip, according to the petition filed in the southern division of the Central District of California.
The filing alleges that King lived at the Wynn for a period of and “gambled 24/7,” according to the lawsuit.
The plaintiff, LDR International Limited, cited breach of written contracts, fraud, and civil theft as the reasons for the lawsuit.
The following is what is claimed in the petition, which was filed Feb. 11:
Beginning in January 2022 through October, LDR extended a series of loans to King Lending that was supposed to then be loaned to third-party borrowers.
The lawsuit says the loans were secured by collateral, including but not limited to, luxury cars, boats, yachts, jewelry, precious metal coins, and earnings from guaranteed professional sports contracts.
Later, it was found King Lending’s finance lender license status was ineffective as of April 2022, meaning they were not licensed the majority of the time they were a borrower, the suit claims.
Through 97 loans, LDR extended approximately $10,258,500 to King Lending. The “loans” were, in fact, falsified documents using fake names for third-party borrowers, documents say.
“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,” the petition reads.
“Moreover, King has recently provided evidence she only has $11.98 to her name,” LDR said in the filing. “As of Feb. 9, 2023, King is still sending fake deals to the plaintiff and or its agents. King claims she has spent all of the funds and has no money left to her name. King also is crossing state lines to engage in further frauds.”
LDR also claims King’s ex-husband, who is not named as a party in the lawsuit, has fled to Morocco, which substantiates their belief that King engaged in a massive fraud against LDR.
A future court date has not been set as of Wednesday. King has 20 days to file a response, records indicate.
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