Hawaii man pleads guilty in $1.8M O.C. yacht and real estate scam

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 to a 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.

He also persuaded the victim to transfer his $1 million Irvine home into a company McCabe controlled, falsely claiming it would pay off in tax benefits, prosecutors said.

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.