16 February 2023 , 16:04
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A woman allegedly blew $10million (£8m) of her company's money to party at a Las Vegas casino.
Sara Jacqueline King, from Orange County in California, US, was working as a lawyer for LDR International Limited in the British Virgin Islands when she allegedly used the company's funds for her own personal use than for work purposes.
The lender has launched a lawsuit against the worker after she used the money to live “an extravagant lifestyle” at the Wynn on the Las Vegas Strip, according to a petition filed in the southern division of the Central District of California.
In the claim the company alleges the lawyer lived at the club resort for an extensive period of time and “gambled 24/7".
The company cited a breach of written contracts, fraud, and civil theft as the reasons for the lawsuit, which was filed on February 11.
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The company alleges the lawyer lived at the club for an extensive period of time and “gambled 24/7" (Getty Images)The suspicion began in January 2022 and ran through to October after LDR extended a number of loans to King Lending, which was then supposed to be loaned to third-party borrowers.
According to the lawsuit the loans were secured by collateral which included luxury cars, boats, yachts, jewellery, precious metal coins, and earnings from guaranteed professional sports contracts.
However, it was later discovered in April 2022, King Lending’s finance lender licence status was redundant.
It meant they were not licensed the majority of the time they were a borrower, the lawsuit claims.
She allegedly used the company's funds for her personal use rather than for work purposes (AFP/Getty Images)There were 97 loans which LDR gave to Kind Lending totalling $10,258,500 (£8million).
However, the documents claim the "loans" were secured by using fake names for third-party borrowers.
The lawsuit states: "Plaintiff is informed and believes that King moved into the Wynn Las Vegas resort and hotel, lived there for six months, and gambled 24/7.
"Moreover, King has recently provided evidence she only has $11.98 to her name.
“As of February 9, 2023, King is still sending fake deals to the plaintiff and or its agents. King claims she has spent all of the funds and has no money left to her name.
"King also is crossing state lines to engage in further frauds.”
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The lawsuit also claims the lawyer's ex-husband has fled to Morocco, which suggests he was allegedly involved in the fraud against LDR.
However, he is not named as a party in the lawsuit.
Sara has 20 days to respond with a future court date set to be decided.