In a shocking turn of events, Newport Beach attorney Sara Jacqueline King has admitted to orchestrating an audacious scam that defrauded investors out of a staggering $8 million. This tantalizing exposé reveals a lavish lifestyle fueled by ill-gotten gains, including jewelry, luxury cars, and a six-month extravagant stay at a renowned Las Vegas resort.
Operating both King Family Lending LLC and the King Reuben law firm, King targeted high-profile clients, such as professional athletes and celebrities, by providing short-term, high-interest loans. She enticed investors with promises that these loans were secured by valuable collateral, including designer handbags, watches, luxury cars, yachts, and even guaranteed sports contracts.
However, it turns out that these claims were nothing more than smoke and mirrors. King never actually initiated or funded any loans. Instead, she shamelessly funneled the investors’ hard-earned money into her own pockets, using it to indulge in endless gambling sprees at the opulent Las Vegas casinos and bankroll a life of extravagance.
Prosecutors revealed that King’s fraudulent activities spanned from January 2022 to January 2023. During this time, she managed to swindle five unsuspecting investors out of a jaw-dropping $8.7 million. One of these investors, LDR International Limited, located in the British Virgin Islands, has taken the matter to federal court, suing King for breach of contract, fraud, and theft.
The unraveled web of deceit has now ensnared King in the clutches of justice. With her guilty plea for wire fraud and money laundering, she faces a maximum of 20 years behind bars for the former and 10 years for the latter. Sentencing is scheduled for January 8th in the formidable Santa Ana’s U.S. District Court.
Ronald Richards, an esteemed Beverly Hills attorney representing LDR International, asserts that King’s conviction firmly establishes the full extent of her fraudulent actions. LDR International intends to leverage this criminal conviction in its civil suit, seeking triple damages totaling a staggering $24 million.
Within the civil suit, it is alleged that King artfully furnished LDR International with falsified title documents, phony appraisals, doctored photographs, and deceptive contracts. All of this was presented alongside cashier’s checks supposedly proving funding, with the borrowers’ names conveniently redacted.
It is mind-boggling to learn that King primarily squandered the loan funds during a six-month residency at the luxurious Wynn Las Vegas resort. Her gambling escapades knew no bounds as she notoriously gambled “24/7.” Astonishingly, King’s fortune vanished into thin air, with an estimated loss of an astonishing $6 million to $7 million.
In a bid to shift blame, King has placed the onus on her husband, a French citizen residing in Morocco, alleging that he pressured her to wager the ill-gotten loan proceeds in an attempt to recover the money owed to LDR International.
As the curtain falls on this extraordinary saga, the tarnished legacy of Sara Jacqueline King stands as a stark example of the dangerous allure of greed. The repercussions of her criminal acts have not only left her potential imprisonment hanging in the balance but have also shattered the lives of unsuspecting investors who believed in her false promises.