A Bemus Point attorney was convicted in federal court Friday of mail fraud, receiving more than $3.4 million from victim investors, according to the U.S. Attorney's office.
James A. MacCallum, 46, faces a maximum 20 years in prison and a $250,000 fine
MacCallum-- who was a practicing attorney at the time-- devised a scheme to defraud investors out of the money between January 2008 and December 2010, according to prosecutors.
As part of the scheme, MacCallum encouraged some of his victims to liquidate other investments in order to benefit from his false and fraudulent higher rates of return. Prosecutors said MacCallum claimed that his investments were secured by real estate and life insurance policies.
However, the government revealed evidence that demonstrated MacCallum was using investments from the victims to pay back earlier investors, as well as to pay personal travel and office expenses.