Lake Worth attorney McCabe sued for sham Iraqi Dinar deal

Miami /
Jun.June 26, 2013 03:00 PM

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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