A former Newport Beach attorney has been sentenced to nearly two years in federal prison after admitting to defrauding investors out of millions to fund a gambling spree in Las Vegas.
Sara Jacqueline King, 41, operated King Family Lending LLC, where she promised investors high-return, short-term loans supposedly backed by assets like luxury goods and sports contracts. In reality, prosecutors said no such loans existed, and the money was funneled into casinos, personal expenses, and luxury items.
Between January 2022 and January 2023, King used over $8.7 million from at least five investors to bankroll her lifestyle. She lived at the Wynn Las Vegas for six months, gambled heavily, and purchased a $130,000 Porsche Taycan using misappropriated funds.
The court sentenced her to 21 months in prison, along with an order to repay $8.78 million in restitution. After her release, she will serve three years under supervised monitoring. King is due to report to prison on July 14.
Her attorneys cited struggles with alcohol and alleged manipulation by her former husband as contributing factors, but the judge rejected her request for a lighter sentence, citing the magnitude of the fraud and breach of trust.