Facing federal fraud charges, Lake Worth attorney Timothy McCabe has agreed to give up his law license.
McCabe signed a consent judgment that permanently disbars him, Florida Bar spokeswoman Francine Walker said. The judgement must be approved by a court-appointed referee and the Florida Supreme Court.
“It was appropriate under the circumstances,” said McCabe’s attorney, Robert Gershman.
McCabe, who disappeared in early April along with millions of dollars in client money, turned himself in to the FBI last week after a criminal complaint was filed against him.
The criminal complaint alleges McCabe took up to $8 million from clients and out of his firm’s bank accounts. He is charged with one count of wire fraud and one count of fraud on a financial institution. Each charge carries a sentence of up to 30 years in prison.
McCabe, a 55-year-old Boca Raton resident, was facing disciplinary action from the Florida Supreme Court before his disappearance for his actions in a foreclosure lawsuit against one of his properties. After he went missing, the court suspended his license.
McCabe waived his right to a pretrial detention hearing last week and is being held without bail. His next court appearance on criminal charges is set for July 22.
In a separate civil suit, a receiver last month said McCabe and his law firm pocketed $320,170 between 2010 and 2012 from struggling homeowners sucked into a foreclosure prevention scheme.
In emails sent to colleagues and his wife on the day he disappeared, McCabe wrote of making “a series of very bad business decisions.”
“I made people millions and none for us,” he wrote to his wife. “I am trying to rectify it. If I cannot, then I am going to set my affairs in order and finish a few things I started.”