Latest news with #JohnTamahereMcCabe
Miami Herald
13-05-2025
- Miami Herald
Man steals ownership of 78-year-old's yacht, leaves him homeless in CA, feds say
A Hawaii man offered to help a California resident sell his 44-foot yacht docked in Newport Beach — but secretly took ownership of the vessel and kept the proceeds of the sale, according to federal court filings. Then, John Tamahere McCabe scammed the 78-year-old out of the deed to his million-dollar Orange County condo, federal prosecutors said. The man's wife had just died and 'he had no family support' by the time McCabe defrauded him out of about $1,814,000 — leaving him homeless, court documents say. The scheme to steal the man's assets began in July 2017 and lasted until January 2024, court records show. In December 2024, a federal grand jury charged McCabe with wire fraud. Now, McCabe, 42, of Kailua, Hawaii, has pleaded guilty to the charge, the U.S. Attorney's Office for the Central District of California said in a May 2 news release. His defense attorneys, Eliot F. Krieger and Scott Arthur Simmons, didn't immediately return McClatchy News' request for comment May 5. McCabe lived in Maui but frequented Orange County, California, when he defrauded the man of his Irvine condo, court documents say. The man was only identified as 'J.L.' in filings. McCabe made 'false promises of brokering the sale' of the man's 2017 Tiara yacht, which cost more than $1 million, according to prosecutors. While pretending to help the man, McCabe used fake documents to transfer the vessel's ownership to himself, prosecutors said. With the yacht in McCabe's name, McCabe sold it and used most of the profits 'for his own personal purposes,' prosecutors wrote in court documents. Then, at some point afterward, McCabe, 'appearing to act in the best interest of (the man), convinced (him) to transfer' his condo into an LLC McCabe controlled, court documents say. McCabe claimed that 'it would protect (the man's) most valuable asset and provide tax benefits,' prosecutors said. But McCabe remained as the only manager of the LLC and drained the man's home of its equity by taking out $1 million in loans, according to prosecutors. The proceeds were spent by McCabe and were secured by the man's condo, prosecutors said. '(McCabe) defaulted on the loans,' then the man's condo was auctioned off at a foreclosure sale, prosecutors wrote in court documents. After the man became homeless, prosecutors said the FBI and the Irvine Police Department investigated McCabe. McCabe now faces up to 20 years in prison, according to the U.S. Attorney's Office. His sentencing hearing is set for Oct. 16. The U.S. Attorney's Office encourages individuals 60 or older who've been affected by financial fraud to seek help by calling the Justice Department's National Elder Fraud Hotline at 1-833-372-8311.
Yahoo
03-05-2025
- Yahoo
Man is left homeless after being defrauded by Kailua man
A 42-year-old Kailua man pleaded guilty Thursday to a federal crime for defrauding a 78-year-old Orange County, Calif., man out of $1.814 million, leaving him homeless. John Tamahere McCabe pleaded guilty to one count of wire fraud, the U.S. Attorney's Office of the Central District of California announced Friday. McCabe initially offered to help the 78-year-old man sell his yacht. Instead, McCabe used fabricated documents to change ownership of the yacht to his own name and diverted the proceeds of the sale to his own personal bank account, and used most of the proceeds for his own personal purposes, according to the plea agreement. McCabe also convinced the man to transfer his $1 million home in Irvine, Calif., to a limited-liability company McCabe controlled. He told the victim that this would protect his most valuable asset and provide tax benefits. As sole manager of the LLC, McCabe also took out $1 million in loans secured by the man's house and drained it of all its equity. He then defaulted on the loans, and the man's house was foreclosed on, leaving the 78-year-old homeless. U.S. District Judge Fred Slaughter scheduled McCabe's sentencing for Oct. 16. The 42-year-old faces a statutory maximum sentence of 20 years in federal prison. The FBI, with the help of the Irvine Police Department, investigated this case. First Assistant U.S. Attorney Jennifer Waier is prosecuting this case. The Judiciary urges anyone who is 60 years of age or older who has been a victim of financial fraud, or knows someone who has been, to call the National Elder Fraud Hotline : 833-FRAUD-11 (833-372-8311 ). This Department of Justice hot line, managed by the Office for Victims of Crime, is staffed by professionals who provide personalized support to callers by assessing victim's needs and identifying next steps. Reporting can aid authorities to identify perpetrators of fraud, and reporting certain financial losses due to fraud quickly can possibly increase the chances of recovering losses.
