A man from Hawaii pleaded guilty Friday in federal court to scamming an elderly man in Irvine out of $1.8 million.
John Tamahere McCabe of Kailua pleaded guilty in a Santa Ana courtroom to one count of wire fraud, according to the U.S. Attorney’s Office. McCabe was scheduled to be sentenced Oct. 16.
While claiming he would help the 78-year-old man sell his yacht, McCabe instead falsified documents to transfer ownership to himself, federal prosecutors said.
McCabe then pocketed the profits and spent the money on himself, prosecutors said.
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McCabe took out $1 million in loans on the home, draining it of its equity, according to prosecutors.
McCabe defaulted on the loans, forcing the home to be sold in foreclosure and leaving the victim homeless, prosecutors said.
The total loss for the victim has been calculated at $1,814,000, according to prosecutors.
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