The Real Deal Miami

Lake Worth attorney McCabe sued for sham Iraqi Dinar deal

June 26, 2013 03:00PM

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Attorney Timothy McCabe, Iraqi Dinar

Attorney Timothy McCabe, Iraqi Dinar

Lake Worth attorney Timothy McCabe, who was accused of pilfering client funds to pay his own mortgage, was holding 50 million Iraqi Dinars for a corporate client, to whom he promised a “significant profit,” when he disappeared last spring, the Palm Beach Post reported.

McCabe turned himself in to the authorities Thursday, after disappearing April 2 with no word to clients or family. He was reportedly involved in several side businesses, which friends say included the purchase of Iraqi currency. PVP Conservation Trust filed a lawsuit in late May, in which the first mention of the money exchange investment was made.

The suit, filed by Boca Raton-based attorney Michael Moccia, said McCabe disappeared two weeks after finalizing a deal on March 15. According to the suit, PVP believed the 50 million in Iraqi Dinar, about $43,100, was to be held in trust by McCabe’s firm.

The lawsuit says that a transaction involving the Dinar was to take place in Reno, Nev., “due to Reno being a safe haven for this type of transaction.” [Palm Beach Post]Julie Strickland

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