A federal jury has convicted a former attorney of mail fraud in a case involving a $3.4 million Ponzi scheme in Buffalo, NY.
James A. MacCallum, 46, of Bemus Point, NY, was found guilty of mail fraud, a charge that carries a maximum penalty of 20 years in prison and a $250,000 fine, according to Acting U.S. Attorney James P. Kennedy, Jr.
Between January 2008 and December 2010, MacCallum, a practicing attorney at the time, devised a scheme to defraud investors out of approximately $3,400,000.
As part of the scheme, MacCallum encouraged some victims to liquidate other investments in order to benefit from his false and fraudulent higher rates of return.
The defendant claimed that his investments were secured by real estate and life insurance policies. However, the Government’s evidence demonstrated that the defendant was using victim investments to pay back earlier investors and to pay personal and other expenses such as personal travel and office expenses.
MacCallum received $3,423,737.00 from victim investors.
The verdict is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Adam S. Cohen.
Following today’s verdict, Judge Elizabeth A. Wolford, who presided over the trial, ordered the defendant detained pending sentencing on July 11, 2017, at 2:00 p.m.
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Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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