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OC Woman Funded Casino Spree via Fraud
An OC woman is accused of fraud for using a scheme to get $10 million from a company so she could spend the money at the Wynn in Vegas. She was successful at this for 6 months and the money was used to fund her extravagant lifestyle, which included playing casino games. Sara Jacqueline King got loans through LDR International Limited of the British Virgin Islands. This was her lending company based in California and she managed to get 97 loans from third parties which happened to be made up as the company had no ties to the woman or the loans.
Upon that revelation, the company filed a lawsuit that states that Sara had been using the loans for personal use such as playing casino games and leading a luxurious lifestyle. She was staying at the Wynn Resort and Casino, and to keep her casino gaming scheme going she had to get creative by writing false representations about the loans. Moreover, she used fake collateral to get the loans and documented the loans as funding to various third parties.
The Documents Didn’t Check Out the Second Time
The loans had to look real so she presented them with proper documentation. Any loan needs collateral which is why she decided to get creative. In other words, jewelry, watches, luxury cars, designer handbags, precious metal coins, yachts, and even sports contracts were used as collateral. To be precise, 40 sports contracts from major leagues such as NBA, MLB, NHL, and NFL made it as purported collateral in the documents. She managed to pull the wool over the company’s eyes, but for 6 months only.
LDR’s lawsuit also features a photo of Sara and 4 NFL quarterbacks which happen to be Mahomes, Allen, Rogers, and Brady, but it’s possible that it may have been taken during a golf tournament in Vegas. The facts simply state that Sara has no more than a measly $11.98 on her account. She has spent the fund from the loans and by the time she did, she got the attention of the company.
The matter will be settled in court. This is one example of how far some people are willing to go to make it big. Wynn Resort will need to help in the court case as it was the place Sara chose to stay in. The moral of the story is to never take part in illegal schemes to have a bigger account and always enjoy casino games responsibly.
King has misused the trust of LDR International using a scheme to fund her casino gaming spree. She did so for 6 months and now the company is taking the matter to court. All parties involved will have a role to play in the upcoming trial.