Woman finances 6-month Vegas resort gambling frenzy with $10 million scam scheme, lawsuit alleges
LAS VEGAS (KLAS) — A California woman has been accused of defrauding a lender out of more than $10 million while using the money to fund a six-month gambling spree at a Las Vegas resort last year.
Sara Jacqueline King of Orange County is accused of fraudulently securing $10,258,500 in loans from LDR International Limited in the British Virgin Islands (LDR) between January and October 2022, according to an LDR report released on February 11 the lawsuit filed. The lawsuit alleges that King secured the loans through her own California firm, King Lending, and claimed she would lend them to third-party borrowers.
LDR International claims that 97 third-party loans were simply made up. And now King says she’s broke.
“King recently presented evidence that she only has $11.98 in her name,” the lawsuit reads.
She also crossed state lines when she committed fraud, the lawsuit alleges.
“King spent the majority of the monies loaned to King Lending by the plaintiff to gamble in Las Vegas, fund an extravagant lifestyle, and for King’s other personal purposes,” part of the lawsuit reads. “Plaintiff is informed and believes that King moved into the Wynn Las Vegas Resort and Hotel, lived there for six months and gambled 24 hours a day.”
The lawsuit alleges no wrongdoing regarding Wynn Resorts.
In some cases, LDR alleges that the bogus loans were presented with documents that were collateralised, including “luxury automobiles, jewelry, watches, antique precious metal coins, designer handbags, boats, yachts and income from guaranteed sports contracts with assurances of salary and bonus amounts.”
The notice of a loan even describes a comic book used as collateral: “The Avengers #1 (Marvel, 1963) CGC NM-9.2 Off-white to white pages, Comic Book, Market Value: $50k; Distress sale: $27,000; Loan request: $25,000…”
Another cited guaranteed money from a sports contract: “The NBA contract guaranteed 4.5 million for a 3 year old, 21 year old Toronto Raptors player. I happened to be at the NBA Summer League Games and picked up this one! Bonus is available in January for $500,000.”
Nearly 30 sports contracts – allegedly for NFL, NHL, MLB and NBA players – were listed in the loans as “alleged collateral”.
But the loans were just cover for King using the money himself, according to the lawsuit.
“In connection with each of Plaintiff’s 97 loans to King Lending, King has made various willfully false written representations relating to the Third Party Loans, collateral for the Third Party Loans and the financing of the Third Party Loans, as described herein. ‘ according to the lawsuit.
The lawsuit contained several photos of King, who had communicated with LDR via email. One of the photos included in the lawsuit shows King with four NFL quarterbacks — Aaron Rogers, Tom Brady, Patrick Mahomes and Josh Allen — in a photo believed to be taken during The Match golf tournament in Las Vegas .
LDR alleges King’s breach of contract, fraud, civil theft and “account specified” — a cause of action in California that allows a creditor to sue for payment.
https://www.wane.com/news/woman-funded-6-month-gambling-spree-at-vegas-resort-with-10m-fraud-scheme-lawsuit-alleges/ Woman finances 6-month Vegas resort gambling frenzy with $10 million scam scheme, lawsuit alleges