Newport Beach front lawyer admits blowing $8M from buyers, pleads guilty to fraud and income laundering

A Newport Seashore legal professional admitted in courtroom documents submitted Monday that she lied about delivering financial loans to experienced athletes and superstars in order to get investors to hand around millions of dollars and then employed that cash to fund a lavish way of living and gambling spree in Las Vegas.

Sara Jacqueline King agreed to plead guilty to felony counts of wire fraud and cash laundering in a offer signed with federal prosecutors on June 12.

King instructed buyers their revenue was secured by jewelry, antique coins, yachts and other objects put up by famed people who have been intended to be borrowing dollars from her business, King Loved ones Lending, according to a prison criticism also signed Monday and a lawsuit submitted by Virgin Islands primarily based lender LDR Intercontinental, one particular of her alleged victims.

But that collateral and the financial loans they were being intended to be hooked up to did not exist.

King admitted recruiting 5 buyers in 2022 and convincing them to hand more than about $8 million. LDR International claimed she introduced pics of herself with NFL quarterbacks Aaron Rodgers, Tom Brady and Patrick Mahomes as properly as falsified financial loan paperwork to deceive them.

She utilised their funds to acquire a Porsche Taycan, moved into the Wynn Las Vegas resort and hotel and gambled nonstop, according to courtroom documents.

King has agreed to pay back at the very least $8,785,045 in restitution and is scheduled to make her first court docket look on June 20. The maximum penalty for the crimes she admitted to is 30 yrs driving bars.

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