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Accused of blowing somewhere over $8 million in client funds after moving into the Wynn casino and gambling “24/7” (according to a related civil complaint), attorney Sara Jacqueline King will reportedly plead guilty to wire fraud and money laundering. She faces upwards of 20 years and has already agreed to pay $8,785,045 to recoup five investors.
At one point, King’s lending business was rumored to have transformed millions in investments into a mere $12. Apparently she’s found some more if she’s taking on restitution obligations.
This matter began when a Virgin Islands entity called LDR sued King alleging:
“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,” LDR said in its complaint.
LDR alleged King owed them over $10 million in principle that she squandered. Other suits alleged similar if smaller debts, one alleging she failed to repay a $125,000 loan, and another claiming that she pocketed a $62,000 loan.
Apparently, not a fan of the penny slots.
The feds joined the party a little later. King will make an initial appearance later this week and is expected to plead guilty.
Lawyer Sara Jacqueline King, who blew $8M of clients’ money in Vegas, will plead guilty [NY Post]
Earlier: Lawyer Accused Of $10 Million Scam That She Allegedly Spent Gambling In Vegas
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.
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