A California lawyer who swindled her clients out of more than $8 million and blew the funds on her lavish lifestyle has agreed to plead guilty to wire fraud and money laundering charges.
Sara Jacqueline King, 39, recruited investors to fund business loans from January 2022 until January 2023, according to a lawsuit filed in U.S. District Court in California. She reportedly used her business King Family Lending LLC in Newport Beach, California.
This week the U.S, Attorney’s Office for the Central District of California announced King has reached a plea agreement to plead guilty to the federal charges levied against her. King could face a maximum of 20 years in federal prison, and she agreed to pay back a total of $8,785,045 to five investors.
Living Lavish
After recruiting the investors, King reportedly used her victims’ funds to gamble at las Vegas casinos, support her lavish lifestyle, and withdrew $132,156 from her company’s business account to purchase an electric Porsche Taycan.
According to the New York Post, LDR International Limited filed a lawsuit on Feb. 11 against King and her company for fraud, civil theft, and breach of written contract. The alleged phony loans were presented with documentation that was supposedly from borrowers showing that they were secured with collateral.
“The purported loans from King Lending to the third-party borrowers were purportedly secured by various forms of collateral, including but not limited to luxury automobiles, boats, yachts, jewelry, watches, precious metal coins, and the earnings from guaranteed professional sports contracts,” the lawsuit states.
The British Virgin Islands-based company claimed they made 97 different loans that were worth about $10.3 million to King’s company.
“They show the lavish lifestyle she was living, jewelry, cars, and the image she was trying to portray, as well as being a successful California licensed attorney,” the lawsuit filing said.
The civil lawsuit also claims she used celebrity connections to impress investors. The lawsuit included a picture of King posing with Aaron Rodgers, Tom Brady, Patrick Mahomes, and Josh Allen during “The Match” celebrity golf contest that airs on TNT.
“King spent the majority of the funds loaned by Plaintiff to King Lending to gamble in Las Vegas, fund an extravagant lifestyle, and for other personal uses by King,” wrote attorneys representing LDR International in their 33-page filing. “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.”
Dead Broke
The lawsuit shows King claims she is now dead broke and her ex-husband, Kamran Pahlavi, fled to Morocco and backed the allegations of his ex-wife being involved with a “massive fraud.”
“King has recently provided evidence she only has $11.98 to her name,” according to the lawsuit.
It was also reported in February that King went to LDR and asked for more money to help recoup the funds she previously lost.
