The Wynn Hotel in Las Vegas where Sara Jacqueline King reportedly lived for six months in 2022. Ethan Miller/Getty Images
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A California attorney allegedly issued $10 million in bogus client loans to finance a lifestyle in Las Vegas for six months.
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LDR International, the company that claims to have funded the loans, sued Sara Jacqueline King this month.
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LDR alleges King provided fake documents securing 97 loans in 2022.
A lender last week filed a lawsuit against a California-based attorney alleging she took out $10 million in bogus client loans, which she used to finance living in a Las Vegas hotel and for at least six months ” 24/7” played from 2022.
LDR International Limited, based in the British Virgin Islands, filed a 33-page complaint in California Central District Court alleging breach of contract, fraud and civil theft by Sara Jacqueline King and her company, King Family Lending.
The company accused King of providing them with fake documents and evidence of collateral for a total of 97 loans totaling $10,258,500 from January to October 2022.
The lawsuit alleges King would provide LDR International with a “secured promissory note” as proof that the loan terms were agreed, but the borrower’s personal information would be redacted. LDR claims this prevented them from ever knowing for sure if the loans they thought they were funding were actually made to the intended customer.
King allegedly served as a facilitator in the lending process separately from her law firm, King Reuben, beginning with the formation of King Family Lending LLC in February 2020. The lawsuit does not contain information about how much lending-related activity the company conducted before joining LDR in January 2022 engage.
LDR claims that King’s ex-husband Kamran Pahlavi has “since fled to Morocco” but confirmed to the lending company that King was “embroiled in a massive fraud” related to her stake in LDR.
King reportedly used most of the money borrowed from LDR to fund her own lifestyle, and sometime in 2022 “moved into the Wynn Las Vegas resort and hotel, lived there for six months, and gambled 24/7.” the lawsuit states.
LDR also alleges that King, a licensed attorney based in Newport Beach, California, continued to file loan applications months after her license as a lender expired in April 2022. King claimed the license had yet to be extended due to an administrative issue. what LDR thinks is wrong.
The complaint also includes a table detailing the amounts, terms and collateral for each of the 97 loans. LDR alleges that the list of collateral — assets that a borrower agrees to be confiscated by the lender if it fails to repay the loan — came in a variety of forms, ranging from luxury cars and jewelry to income from guaranteed professional sports contracts, and along with fabricated was the remaining details of the loans.
As additional proof of her lifestyle and connections to high-profile athletes, King LDR sent a picture of herself with NFL quarterbacks Aaron Rodgers, Tom Brady, Patrick Mahomes and Josh Allen. The image, and others that appear to show King’s successful lifestyle, were apparently intended to give LDR confidence that she will be a successful lender and that they can continue to fund loans through her.
The picture appears to have been taken during The Match, a televised round of exhibition golf between the NFL stars held last summer at Las Vegas’ Wynn Golf Club, which is affiliated with the resort where LDR claims King spent six months long lived.
Sara Jacqueline King (center) with (left to right) Aaron Rodgers, Tom Brady, Patrick Mahomes and Josh Allen.California Central District Court
LDR also attached a screenshot to the complaint, allegedly from King, showing three Bank of America accounts with a total value of just $12, which it claimed was all the money it found earlier this month left her name.
The company claimed King is still demanding money to pay back what she may have gambled away and claims she still presented bogus deals to the lending company on February 9.
The last loan funded by LDR was issued in October and matured last week or has reached the date originally agreed to be full repayment of the loan. While the lawsuit states that King paid interest on some of the loans, none have been repaid in full and the attorney is allegedly now in arrears on all 97.
A request for comment on an email on King Family Lending’s website was bounced back to Insiders because the address didn’t exist or was inactive, and one sent to a different address on the website wasn’t immediately returned.
Read the original article on Business Insider
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