BUFFALO – A former area lawyer will be sentenced in federal court Thursday afternoon at 1 PM, according to Department of Justice Public Information Officer Barbara Burns.
James A. MacCallum, 46, was previously scheduled for sentencing last July on a charge of mail fraud, which carries a maximum sentence of 20 years in prison and a $250,000 fine. He was convicted in March 2017 for devising a scheme to defraud investors out of approximately $3,400,000 between January 2008 and December 2010.
MacCallum encouraged some victims to liquidate other investments in order to benefit from his false and fraudulent higher rates of return. The defendant claimed that his investments were secured by real estate and life insurance policies.
The ex-lawyer 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 $3,423,737.00 from victim investors.
MacCallum was indicted in Nov. 2015 by a federal grand jury. He has remained in federal custody since his conviction.
MacCallum was ordered to surrender his passport after previously posting bond when he was indicted.
Burns told WNYNewsNow that a release should be expected later that afternoon.