- Associated Press - Monday, November 9, 2015

BUFFALO, N.Y. (AP) - Federal prosecutors say a western New York attorney has been indicted on mail fraud charges for running a Ponzi scheme that bilked investors out of more than $3 million.

The U.S. Attorney’s Office in Buffalo says that during a two-year period starting in January 2008, James A. MacCallum of Bemus Point in Chautauqua County encouraged some investors to liquidate other investments in order to benefit from his false and fraudulent higher rates of return.

He claimed his investments were secured by real estate and life insurance policies, but prosecutors say MacCallum was using the victims’ investments to pay back earlier investors and cover his personal and business expenses.

Authorities say the 44-year-old MacCallum received more than $3.4 million from victim investors.

He remains free after posting bond. It couldn’t be determined if he has a lawyer.



Click to Read More

Click to Hide