The manager and president of a California-based lending company misspent more than $10 million of her client’s funds on her “extravagant” lifestyle, including spending six months at the Wynn resort on the Las Vegas Strip and gambling “24/7,” a lawsuit says.

Sara Jacqueline King, the president and sole member of King Family Lending LLC, “commingled” the company’s funds with other funds and used the business as a “conduit” for herself, according to the lawsuit, which was filed in the U.S. District Court for the Central District of California on Feb. 11.

A number listed for King Lending had been disconnected. King did not respond to emails sent to addresses listed on the King Lending website or on her lawyer profile. A number listed on her lawyer profile was no longer active. No attorney for King was listed.

The plaintiff, LDR International Limited, a corporation based in the British Virgin Islands, said that between January 2022 and October 2022, it extended “a series of loans” to King Lending, which King then said would be lent to third-party borrowers, according to the lawsuit.

King Lending’s license became inactive on April 19, according to the lawsuit.

The loans were meant to be secured by collateral, including “luxury automobiles, boats, yachts, jewelry, watches, precious metal coins, and the earnings from guaranteed professional sports contracts,” the lawsuit says.

LDR International extended 97 loans totaling $10,258,500 to King Lending. King then gave the company “false and fabricated loan documents” with the names and identities of the third-party borrowers redacted, the lawsuit says.

In reality, the third-party borrowers did not exist and no loans were ever made to them, the lawsuit says.

King “fabricated” each of the loans, and instead, spent the “majority of the funds” loaned to her company by LDR to “gamble in Las Vegas, fund an extravagant lifestyle, and for other personal uses,” the lawsuit says. She “moved into” the Wynn Las Vegas, a five-star luxury resort on the Las Vegas Strip, for six months and “gambled 24/7,” the lawsuit says.

King sent an email to LDR on Feb. 9 asking for more money so she could “try and make back” the money she spent, the complaint says.

“King claims she has spent all of the funds and has no money left to her name,” the lawsuit says.

The complaint says she has “$11.98 to her name” and includes a screenshot of her online banking app showing that amount in her checking account.

The lawsuit is seeking damages in an amount to be determined at trial but at least $10,258,500. The plaintiff is also seeking prejudgment interest and attorney’s fees.

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