SANTA ANA, Calif.—A Newport Beach attorney who boasted of providing loans to wealthy and famous clients has agreed to plead guilty to a fraud scheme that bankrolled a gambling habit and a lavish lifestyle, prosecutors said June 13.
Sara Jacqueline King, 39, agreed to plead guilty to wire fraud and money laundering in an agreement filed Monday, federal prosecutors said. King is expected to make her initial court appearance in the case June 20.
King was also sued in federal court earlier this year in a claim alleging she defrauded a lender out of about $10.2 million. Federal prosecutors allege that beginning at the start of 2022 and through Jan. 11 of this year, she collected about $8 million from five investors through her business King Family Lending LLC which was used to “gamble at Las Vegas casinos and support her lavish lifestyle.”…