Former Newport Beach attorney Sara Jacqueline King has confessed to a $9 million scam that she used to fund a Las Vegas gambling spree.
Ms King has pled guilty to scamming five investors out of $8.7 million via her now-dissolved company, King Family Lending LLC. The firm claimed to give out high-interest loans, backed by expensive items from borrowers. However, the loans were not real, with Ms King instead spending the money on a six-month stay at the Wynn Las Vegas and frequent gambling activities.
According to Gambling News, US District Judge David O. Carter rejected a plea for a milder punishment, citing the calculated nature of the scheme and the considerable financial damage. He went on to state that he believed Ms King had taken advantage of people’s trust in her as a lawyer and misused her relationship with her clients.
Ms King set to serve 21 months in prison
In response, Ms King’s lawyer Sam Cross argued that his client battle alcohol, drugs, and gambling addictions, as part of the plea for house arrest or less jail time. However, Assistant US Attorney Jennifer Waier argued for the maximum sentence, citing the boldness of the scam and Ms King’s seemingly remoreseless behavior even after pleading guilty. For example, she mentioned a podcast interview where Ms King, after confessing to her crimes, still referred to herself as “Lady Mafia”, claiming that she could “sell fire to the devil”.
In the end,the judge settled on the maximum 21-month sentence to federal prison. Ms King’s actions first started gaining attention back in 2023 when LDR International, based in the British Virgin Islands, sued her for misusing more than $10 million. As well as serving the 21-month sentence behind bars, Ms King must also pay back the full amount $8,785,045 she stole.
Featured image: Wikimedia Commons, licensed under CC BY-SA 4.0
