NEWPORT BEACH, CA — A Newport Beach lawyer who confessed to swindling investors out of $8.7 million in order to fund a lavish lifestyle and gambling habit was sentenced Monday to one year and nine months in federal prison, The Orange County Register reported.
Sara Jacqueline King pleaded guilty last year to wire fraud and money laundering, according to the report. Due to the large financial loss and the opulent lifestyle it funded, U.S. District Judge David O. Carter denied a defense request for a shorter prison sentence, the report said.
“This is a lot of money,” Carter said. “There has always been a tremendous sense of betrayal.”