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Bemus Point Man Convicted On Federal Mail Fraud Charge

A Bemus Point man who reportedly defrauded investors of millions of dollars was convicted Friday by a federal jury.

James A. MacCallum, 46, was convicted of mail fraud, a charge that carries a maximum penalty of 20 years in prison plus a $250,000 fine.

According to Assistant U.S. Attorneys Michael DiGiacomo and Brian J. Counihan, who handled the prosecution of the case, MacCallum devised a scheme to defraud investors out of more than $3.4 million, while practicing as an attorney between January 2008 and December 2010.

As part of the scheme, MacCallum encouraged victims to liquidate other investments in order to benefit from his false and fraudulent higher rates of return. He reportedly claimed that his investments were secured by real estate and life insurance policies.

Evidence demonstrated, however, that MacCallum 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 from victim investors.

MacCallum will be detained until his sentencing on July 11 at 2 p.m. at the U.S. District Court in Buffalo.

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