An Orange County woman is facing claims that she funded a six-month gambling spree at the Wynn Las Vegas last year using a $10 million fraud scheme.
Sara Jacqueline King secured nearly $10.3 million in loans through her California lending company from LDR International Limited of the British Virgin Islands, according to the lawsuit, filed Feb. 11 in the U.S. District Court in California.
However, LDR International alleges that 97 loans to third-party borrowers were simply made up, and now, that money is gone, with King providing evidence that “she only has $11.98 to her name,” the lawsuit says.
“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. 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,” the lawsuit alleges.
In some cases, the phony loans were presented with documentation that they had been secured with collateral including “luxury cars, jewelry, watches, antique precious metal coins, designer handbags, boats, yachts, and earnings from guaranteed sports contracts with representations regarding salary and bonus amounts.”
Communication about one 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; Firesale: $27k; Loan Request: $25k…”
Another loan cited guaranteed money from a sports contract: “NBA Contract guaranteed 4.5m for 3 years, 21 years old, Toronto Raptors player. I happened to be at the NBA summer league games and got this one! Bonus is in January for $500k.”
Nearly 30 sports contracts — NFL, NHL, MLB and NBA — were listed as “purported collateral” in the loans.
But the loans were just a cover for King using the money herself, according to the lawsuit.
“In connection with each of the 97 loans from Plaintiff to King Lending, King made various intentionally false written representations regarding the third-party loans, collateral for the third-party loans, and funding of the third-party loans, as detailed herein,” according to the lawsuit.
The lawsuit included several photos of King, who communicated with the plaintiff via email. Another photo included in the lawsuit shows King with four NFL quarterbacks — Aaron Rogers, Tom Brady, Patrick Mahomes and Josh Allen — in a photo believed to have been taken during “The Match” golf tournament in Las Vegas.