{"id":53356,"date":"2023-06-13T20:51:51","date_gmt":"2023-06-14T03:51:51","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=53356"},"modified":"2023-06-13T20:51:51","modified_gmt":"2023-06-14T03:51:51","slug":"calif-lawyer-agrees-to-plead-guilty-to-a-multimillion-dollar-fraud-involving-loans","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=53356","title":{"rendered":"Calif. Lawyer Agrees to Plead Guilty to a Multimillion-Dollar Fraud Involving Loans"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0<\/strong><\/span><\/p>\n

\"\"A Newport Beach lawyer who claimed she was providing loans to the rich and famous has agreed to plead guilty to federal felony charges for using her investors\u2019 money to fund her lavish lifestyle, causing them to lose more than $8 million, the Justice Department announced Tuesday.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sara Jacqueline King, 39, is charged with wire fraud and money laundering in two-count information. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 King is expected to make her initial court appearance on June 20.<\/span><\/p>\n

\"\"
Sara Jacqueline King<\/figcaption><\/figure>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 According to her plea agreement, King operated King Family Lending LLC. This Newport Beach-based company purportedly gave short-term, high-interest loans to professional athletes, celebrities, and other high-net-worth individuals. <\/span><\/p>\n

The borrowers’ assets supposedly secured the loans, including designer handbags, watches, luxury automobiles, yachts, and earnings from guaranteed sports contracts.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 From January 2022 until January 2023, King \u2013 through her company \u2013 recruited investors to fund her business\u2019s loans purportedly.<\/span><\/p>\n

She admitted telling investors their investments were secured by the same collateral as the loans. <\/span><\/p>\n

\"closeupKing promised to retain possession of the collateral and that if a borrower defaulted, she would sell the collateral to pay the investor in full.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 King said she would keep a percentage of the interest earned from the loans and pass along a percentage of the interest to victim investors, including their initial investment.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 During this period, King never initiated or funded any loan. Instead, she used victims\u2019 funds to gamble at Las Vegas casinos and support her lavish lifestyle.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \"woman King admitted to causing five investors to lose more than $8 million. She has agreed that the applicable restitution amount, in this case, is at least $8.7 million.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 She admitted to withdrawing approximately $132,156 of investor money from King Family Lending\u2019s bank account to purchase a Porsche Taycan electric sports car.<\/span><\/p>\n

The FBI and the IRS Criminal Investigation are investigating this matter.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Assistant United States Attorney Jennifer L. Waier of the Santa Ana Branch Office is prosecuting this case.<\/span><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

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