John Tamahere McCabe from Kailua, Hawaii, pleaded guilty in federal court to scamming a 78-year-old man from Irvine, California, out of $1.8 million.
According to the U.S. Attorney’s Office, McCabe promised to help the man sell his yacht, but instead faked paperwork to transfer the yacht to himself and kept the money.
He also convinced the victim to transfer ownership of his $1 million Irvine home to a company McCabe controlled, claiming it would offer tax benefits.
Prosecutors say McCabe then took out $1 million in loans against the home, drained its value, and defaulted on the loans, leading to foreclosure and leaving the elderly man homeless.
The total financial loss to the victim was estimated at $1,814,000. McCabe is scheduled to be sentenced on October 16.
