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


Related Articles

arrow_forward_ios
Gina Rinehart with 107 Dolphin Road and 6 Via Los Incas in Palm Beach
Australian billionaire family linked to Palm Beach home purchases totaling $100M-plus
Australian billionaire family linked to Palm Beach home purchases totaling $100M-plus
Tommy and Dee Hilfiger with 930 South Ocean Blvd in Palm Beach (Google Maps, Getty)
Super broker Lawrence Moens sells Palm Beach estate to Tommy Hilfiger for $37M
Super broker Lawrence Moens sells Palm Beach estate to Tommy Hilfiger for $37M
Cushman & Wakefield’s David Greenberg and Christopher Passeggiata
Cushman & Wakefield hires Marcus & Millichap’s hospitality team
Cushman & Wakefield hires Marcus & Millichap’s hospitality team
Former NFL owner Dwight Schar, 550 S Ocean Blvd, Palm Beach
Billionaire former NFL owner Dwight Schar sells Palm Beach estate for $45M
Billionaire former NFL owner Dwight Schar sells Palm Beach estate for $45M
Brookfield’s Jared Chupalia and Mizner Park (Google Maps, Brookfield)
Brookfield wants to sell Mizner Park in Boca Raton
Brookfield wants to sell Mizner Park in Boca Raton
6 Via Los Incas, 241 Jungle Road and 150 El Vedado Road with Designer Tom Ford, Josh Harris and Rob Heyvaert
Flipper’s paradise: Ultra-rich score on Palm Beach sales
Flipper’s paradise: Ultra-rich score on Palm Beach sales
From left: Randall Realty Group’s Jordan, Jim, and Benjamin Randall along with 2875 South Ocean Boulevard in Palm Beach (Getty, LoopNet, Randall Realty Group)
Randall Realty pays $15M for Palm Beach office-retail building
Randall Realty pays $15M for Palm Beach office-retail building
Sanders Capital's Lewis Sanders with 466 South Ocean Boulevard (Sanders Capital, Google Maps, Getty)
Financier flips Palm Beach townhome to hedge funder for $27M
Financier flips Palm Beach townhome to hedge funder for $27M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...