Michael Calomino charged with embezzling $22 million

Michael Calomino, the former CEO of an Illinois-based railcar management company, has been charged in federal court with embezzling more than $22 million. The company provided maintenance and repair services for railcar owners across North America.

According to a criminal information filed in the U.S. District Court in Chicago, Calomino allegedly converted funds held on behalf of clients for his own use between 2016 and 2025. The funds were reportedly transferred to personal bank accounts to cover expenses, including gambling costs. Calomino faces one count of wire fraud, which carries a potential sentence of up to 20 years in federal prison.