Illinois Fraud Charge: Ex-CEO Accused of Embezzling $22 Million

Chicago, IL – The former CEO of an Illinois railcar management company has been charged with wire fraud after federal prosecutors alleged he embezzled more than $22 million from the business over approximately nine years.

According to the U.S. Attorney’s Office for the Northern District of Illinois, Michael Calomino, 69, of Frederick, Maryland, served as CEO of a company that managed railcars for clients across North America.

Federal prosecutors allege that from 2016 through 2025, Calomino fraudulently converted more than $22 million held by the company on behalf of clients.

The business provided services including maintenance and repair work for railcars and often collected money from clients before those services were arranged, according to the criminal information filed Wednesday in U.S. District Court in Chicago.

Prosecutors allege Calomino transferred company money into personal bank accounts for his own use, including to pay gambling expenses.

Calomino has been charged with one count of wire fraud. His arraignment in federal court had not yet been scheduled when the U.S. Attorney’s Office announced the charge Thursday.

Wire fraud is punishable by up to 20 years in federal prison, although any sentence following a conviction would be determined by the court under federal statutes and sentencing guidelines.

The case was announced by the U.S. Attorney’s Office alongside the FBI and Tennessee Valley Authority Office of the Inspector General. The U.S. Trustee Program also provided assistance.

The charge is an allegation. Calomino is presumed innocent unless and until proven guilty beyond a reasonable doubt.