Newport Beach Attorney Sentenced for $8.7 Million Fraud Scheme
Newport Beach, CA – Sara Jacqueline King, a Newport Beach attorney, was sentenced to one year and nine months in federal prison on May 5 for scamming investors out of $8.7 million to support her extravagant lifestyle and gambling addiction.
King admitted to participating in a scheme that involved defrauding five investors while managing King Family Lending LLC, which provided high-interest loans to celebrities and professional athletes. Instead of securing these loans with collateral as promised, King used the funds to finance a luxurious lifestyle, including high-end jewelry, luxury vehicles, and a six-month stay at a Las Vegas resort where she reportedly lost up to $7 million gambling.
U.S. District Judge David O. Carter emphasized the severity of King’s betrayal during the sentencing, stating, “This is a lot of money… There has always been a tremendous sense of betrayal.” Despite the attorney’s defense citing personal issues such as alcohol and gambling as contributing factors, the court maintained that the significant financial and emotional damage to victims warranted a severe sentence.
King’s fraudulent activities drew attention earlier this year when she was implicated in scamming a lender out of more than $10 million. Victims reported receiving counterfeit documents, including fake photos of luxury cars and watches, which were used to create an illusion of security.
One investor, who filed a lawsuit against King, described her actions as “an elaborate, sustained scheme built on lie after lie.” The case has raised eyebrows not only due to the scale of the fraud but also because King was a trusted member of the legal community.
As King serves her sentence, the fallout from her deceit continues to affect her victims, prompting discussions on accountability within the legal profession.
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