"John Tamahere McCabe, 42, swindled the money by falsely promising to sell the 79-year-old victim's yacht for him and by taking out unauthorized loans against his Irvine condominium. Along with his time in federal prison, McCabe was also ordered to pay $1.8 million in restitution the amount he was accused of stealing during the sentencing hearing at the federal courthouse in Santa Ana."
"As part of the swindle, McCabe promised to transfer the proceeds from the sale of the yacht to the victim, who according to court filings was a widower who had no family support. The victim was unaware that McCabe used fabricated documents to transfer the ownership of the yacht to his name. Once it was sold, McCabe diverted the proceeds into his bank account and spent most of the money on himself."
"He explained that would protect the victim's most-valuable asset and provide tax benefits, prosecutors said. But, without the victim's knowledge, McCabe set himself up as the sole manager of the LLC and took out $1 million in loans secured by the residence, draining the condo of its equity. After spending most of the proceeds of the loan tied to the condo, McCabe defaulted on the loans and the residence was sold at a foreclosure sale."
John Tamahere McCabe defrauded a 79-year-old widower of nearly $2 million by selling the victim's yacht through fabricated ownership documents and diverting the proceeds. McCabe persuaded the victim to transfer a million-dollar Irvine condominium into an LLC he controlled, set himself as the sole manager, and obtained $1 million in loans secured by the residence. McCabe spent most loan proceeds, defaulted, and the condo was sold at foreclosure, leaving the victim homeless. McCabe was sentenced to four years in federal prison and ordered to pay $1.8 million in restitution. McCabe previously paid $150,000 toward restitution and worked as a flight attendant.
Read at www.ocregister.com
Unable to calculate read time
Collection
[
|
...
]