A Californian businesswoman who boasted of connections to top sportsmen conned millions to make them third-party loans which never happened.

Instead, the woman, Sara Jacqueline King, had moved into the Wynn Las Vegas resort and hotel and lived there for six months where she gambled 24/7, according to the lawsuit.

King, who is a lawyer by trade, managed to persuade a partner in the British Virgin Islands that she needed the money to make loans to her wealthy clients, which were low risk as they had access to significant collateral.

But she then went and spent money on gambling and living a VIP lifestyle, according to a lawsuit filed on 11th February.

When she was finally arrested, she claimed to have just USD 11.98 to her name after moving to Las Vegas and gambling away the rest.

According to the lawsuit alleging breach of contract, fraud and civil theft, the money was given to her by the company LDR International Ltd. so that King and her company King Family Lending would use it to make loans to professional athletes and others. The company was formed by King in 2020 and is a California limited liability company based in Orange County, California.

LDR International claimed that it had made 97 loans for USD 10.2 million, but the money was never returned.

It was also alleged that documentation to obtain the loans was forged, as well as the collateral supposedly used to secure them. This was listed as yachts, jewellery, and luxury cars, among other things.

Her ex-husband, meanwhile, has fled to Morocco in North Africa but apparently passed on evidence that his wife had been engaged in fraud.

King Family Lending’s licence was revoked by the California Department of Financial Protection & Innovation in April 2022, so that any funds provided after that time should not have been allowed.