Las Vegas (class) – A California woman has been accused of defrauding a lender of over $10 million to finance her six months of gambling at a Las Vegas resort last year.
Sarah Jacqueline King of Orange County is accused of fraudulently securing a loan of $10,258,500 from LDR International Limited in the British Virgin Islands (LDR) between January and October 2022, the LDR said. According to a lawsuit filed on February 11, the lawsuit alleges: King claimed to have secured loans through her own California firm, King Lending, and made them available to third-party borrowers.
LDR International claims 97 loans to third party borrowers were simply hoaxed. And now King says she’s broken.
According to the complaint, “King recently submitted evidence that his name was worth only $11.98.”
She also committed fraud across state lines, the lawsuit alleges.
“King spent a substantial portion of the funds lent to King Lending by plaintiffs for gambling in Las Vegas, to finance a lavish lifestyle, and for other personal uses by King,” it said. Read part of the lawsuit. “Plaintiff was informed and believed that King had moved to the Wynn Las Vegas resort and hotel, where he lived for six months and gambled 24/7.”
The lawsuit does not allege any wrongdoing involving Wynn Resorts.
In some cases, the LDR has documented that the bogus loans were secured with collateral containing “income from luxury cars, jewelry, watches, antique precious metal coins, designer handbags, boats, yachts, and guaranteed sports contracts.” is claimed to have been presented. salary and bonus amounts. ”
One loan communication also mentions a comic book used as collateral. Fire Sale: $27,000. Loan Request: $25,000…”
Another player cited a guaranteed sum from his sports contract. I happened to go to an NBA Summer League game and got this! The bonus he has in January is $500,000. “
About 30 sports contracts with purported NFL, NHL, MLB and NBA players were listed as “collateralized” for the loan.
However, according to the lawsuit, the loan was only covered by King himself using the money.
“In connection with each of the 97 loans made by plaintiffs to King Lending, King made a made various representations, according to the lawsuit.
The lawsuit included several photos of King exchanging emails with LDR. One of the photos included in the lawsuit is a picture of King with four NFL quarterbacks (Aaron Rodgers, Tom Brady, Patrick Mahomes and Josh Allen) in Las Vegas. The Match” is believed to have been taken during a golf tournament.
LDR has accused King of breach of contract, fraud, civil theft, and a “listed account.”
https://wgnradio.com/news/woman-funded-6-month-gambling-spree-at-vegas-resort-with-10m-fraud-scheme-lawsuit-alleges/ Lawsuit alleges woman spent six months gambling at Las Vegas resort to fund $10 million fraud scheme | WGN Radio 720