Investor swindling amounting to millions of dollars perpetrated by lawyer Sarah Jacqueline King.
Scandalous Scam Shakes Up the Legal Sphere: Meet Cali’s Queen of Con, Sarah Jacqueline King
Rumors are buzzing through the legal community as the sensational Sarah Jacqueline King saga unfurls.
Steering clear of authentic financial dealings, this 41-year-old Californian used investors' hard-earned money for a whirlwind lifestyle of gambling, extravagant shopping sprees, and her highlife in the glitzy city of Las Vegas.
Fake Loans Abound
Masquerading as the visionary head honcho of King Family Lending LLC, Sarah boasted about the company's expertise in short-term secured loans catering to the upper-crust set—boasting high-profile clientele like:
- Elite athletes.
- Hollywood celebs.
- Society’s high rollers.
She skillfully swindled her unsuspecting victims into funneling funds into loans backed by valuable assets, promising returns that never materialized.
$8.7 Million on Casinos and Luxury Perks
With $8.7 million in investors' funds, Sarah lived large. Most of it vanished into the myriad slot machines and gaming tables at the extravagant Wynn Las Vegas casino, where she resided for half a year, barely stepping foot outside the casino. She luxuriated in opulent suites whilst availing VIP services.
Her biggest splurges included:
- A Porsche Taycan e-car (over $130,000).
- High-end fashion and bling.
- Spa and salon visits galore.
Hoodwinked Sharks
LDR International Limited, an offshore investment fund based in the British Virgin Islands, was one of the heftier targets, losing around $10 million from January to October 2022. Sarah tricked 97 gullible victims into 97 phony loans, most of which went toward entertainment and indulgent self-gratification.
Private individuals, like Yumiko Sterdivant, also fell prey to her deceit.
Court Decision
In the dock, Sarah was judicially found guilty of:
- Fraud.
- Electronic communication facilitating criminal activity.
- Money laundering.
Court documents suggest that she pinned the blame on her former husband, Kamran Abbas-Vahid, claiming he pressured her into committing these transgressions, hoping to recoup the losses. Her defense team argued that she wrestled with addictive behaviors influencing her conduct.
What was Sarah Jacqueline King's alleged scam? She posed as a head honcho of King Family Lending LLC, promising high-profile clients short-term secured loans, funneling investors' funds into casino-and-gambling, specifically the Wynn Las Vegas, entertainment, high-end shopping, and luxury perks, tricking 97 victims into 97 fake loans, losing around $10 million from January to October 2022. Hoodwinked investors included LDR International Limited and private individuals like Yumiko Sterdivant. In court, she was found guilty of fraud, electronic communication facilitating criminal activity, and money laundering, with court documents suggesting she blamed her former husband for pressuring her into these transgressions, citing addictive behaviors as a factor.
