BUFFALO, N.Y. – In a stunning turn of events, federal prosecutors have secured a conviction against James A. MacCallum, 46, of Bemus Point, NY, for orchestrating a multi-million dollar Ponzi scheme. Today’s verdict comes after a trial that exposed the defendant’s fraudulent activities and the devastating impact on investors.
Acting U.S. Attorney James P. Kennedy, Jr., announced the jury’s decision, which found MacCallum guilty of mail fraud, a charge that carries a potential sentence of up to 20 years in prison and a $250,000 fine.
Assistant U.S. Attorneys Michael DiGiacomo and Brian J. Counihan led the prosecution, revealing that between January 2008 and December 2010, MacCallum, a practicing attorney at the time, deceived investors out of approximately $3,400,000. He convinced victims to liquidate other investments for his fraudulent higher returns, falsely asserting that his investments were backed by real estate and life insurance policies.
However, the government’s evidence showed that MacCallum was using victim investments to pay off earlier investors and fund personal expenses such as travel and office costs. The defendant pocketed $3,423,737.00 from unsuspecting investors.
This conviction follows an investigation by the Federal Bureau of Investigation, directed by Special Agent-in-Charge Adam S. Cohen. MacCallum now faces a harsh sentence following his detention pending sentencing on July 11, 2017, at 2:00 p.m., before Judge Elizabeth A. Wolford.
Contact for more information: Barbara Burns
PHONE: (716) 843-5817
FAX: (716) 551-3051
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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