“Lender” Sued for $10 Million

King Family Lending says that it offers loans from $10,000 to $2M with 1-4 month terms that can be funded within 24 hours. There’s a collateral requirement, however, which could be anything from inventory, to real estate, to equipment, to sports contracts, to POs, to crypto. Founded in 2020, the lender was a borrower itself, allegedly borrowing more than $10 million from a law firm in order for it to make 97 loans to third parties.

According to a lawsuit filed on February 11, however, its alleged that King Family Lending and its owner never made any such loans and that the owner simply committed fraud and swindled the money.

The story behind King Family Lending, which includes all types of twists and turns, is best told by the Daily Mail. Enjoy.