Bemus Point, Buffalo, NY Attorney Convicted of Mail Fraud in Multi-Million Dollar Ponzi Scheme
FBI investigation Leads to 84 Months In Federal Prison For $2M Fraudster & Bemus Point Attorney, James A. MacCallum
BUFFALO — A former Bemus Point attorney, James A. MacCallum, was sentenced to serve 84 months in federal prison after an FBI investigation revealed MacCallum committed fraud over the course of three years.
U.S. Attorney James Kennedy Jr. announced that MacCallum, who was convicted of mail fraud, was sentenced by U.S. District Judge Elizabeth Wolford. MacCallum was ordered to pay $2,036,397 in restitution. Between January 2008 and December 2010, MacCallum devised a scheme to defraud investors out of over $2 million.
Assistant U.S. Attorney Michael DiGiacomo handled the prosecution of the case. MacCallum was found to have encouraged some victims to liquidate other investments and therefore benefited from his false and fraudulent higher rates of return. While he claimed that his investments were secured by real estate and life insurance policies, the government’s evidence pointed out that MacCallum was using victim investments to pay back earlier investors and to pay personal and other expenses including personal travel and office expenses.
The sentencing is a result of an investigation by the FBI, under the direction of Special Agent-in-Charge Gary Loeffert.
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