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Hawaii resident, John Tamahere McCabe, has admitted to swindling an elderly Irvine man out of $1.8 million in a federal court. McCabe pleaded guilty to wire fraud charges and is set for sentencing on October 16. According to prosecutors, McCabe deceived the 78-year-old victim by promising to help him sell his yacht, but instead forged documents to transfer ownership to himself.
McCabe then pocketed the profits from the sale and used the money for personal expenses. He also convinced the victim to transfer his $1 million Irvine home into a company controlled by McCabe, falsely claiming it would result in tax benefits. However, McCabe took out loans against the property, draining its equity and leaving the victim homeless after defaulting on the loans.
The total loss suffered by the victim amounts to $1,814,000, according to prosecutors.
