William E. Callam, Elder Financial Looting, Ohio 2023

A 61-year-old Macedonia man who posed as a financial planner while looting nearly $575,000 from three elderly victims has been sentenced to 78 months in federal prison. William E. Callam, who operated under the name Blackstone Real Estate Group LLC, preyed on seniors in Lake County, Ohio, stealing their life savings through a calculated scheme of lies and forged documents.

Callam pleaded guilty to one count of wire fraud and four counts of mail fraud. He was ordered to pay $574,146 in restitution. Prosecutors say he targeted elderly individuals who trusted him, convincing them to liquidate annuities, insurance policies, and retirement funds. He promised safe, six-percent annual returns backed by commercial real estate mortgages—none of which existed.

Instead of investing their money, Callam funneled the cash into his personal accounts, using it to fund his lifestyle and enrich family members. He created fake account statements to keep victims in the dark. A married couple lost $381,571; another individual lost $192,575. The fraud has left the victims unable to afford medical care, medication, and basic living expenses, according to court records.

Callam’s criminal record is long and sordid. In 2007, he was convicted of stealing $68,000 from two senior citizens. That same year, he bilked four others out of $49,000 in a similar scam. Later, he was found guilty of defrauding another person out of $55,000. He returned to the same playbook, exploiting trust and age to line his pockets.

“The conduct of this defendant is reprehensible. He stole the life savings of three elderly people to feed his own greed and lifestyle,” said U.S. Attorney Justin Herdman. “The Justice Department is committed to protecting older Americans and holding accountable anyone who would defraud them.”

“Callam will be serving a significant amount of time behind bars for victimizing elderly folks out of their life savings,” FBI Special Agent in Charge Eric Smith said. The case was investigated by the FBI and prosecuted by Assistant U.S. Attorney Megan Miller. Callam now faces years behind bars—but the damage to his victims may never fully be repaired.

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