A California lawyer stole more than $10 million in loans and spent it gambling in Las Vegas, lawsuit claims
CBSN
A California lawyer allegedly stole millions of dollars from a lender, lied about where the money was going and spent it on gambling in Las Vegas, according to a federal lawsuit filed earlier this month. Sara King, who works at a Newport Beach law firm, allegedly took nearly $10.3 million from LDR International Limited, a lending company based in the British Virgin Islands and the plaintiff in the suit, saying it would go to third-party borrowers.
King ran her own lending service, King Family Lending, of which she was the sole employee, according to the suit. The suit alleges King Family Lending was just a shell company and that King would get loans from LDR International Limited saying they would go to third-party borrowers who had put up collateral like yachts and jewelry.
LDR International Limited provided 97 loans, and received what they allege were falsified documents about the "collateral purportedly securing said loans, including but not limited to title documents, appraisals, and photographs, with name and other identifying information of the third-party borrower redacted," according to the suit.
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