DARIEN, IL – The head of an Illinois railcar management company has been charged in federal court in Chicago with embezzling more than $22 million from the company, federal prosecutors announced Thursday.
Michael Calomino served as CEO of a company that provided railcar management services for clients who owned railcars throughout North America.
Various websites indicate that he ran a business in Darien on Plainfield Road at some point. Prosecutors say the 69-year-old man now lives in Frederick, Maryland.
Calomino's firm contracted with railcar owners to provide maintenance and repair work on the railcars and often collected money from clients in advance of services to be arranged, according to a court filing.
From 2016 to 2025, Calomino is accused of embezzling more than $22 million by fraudulently converting funds held by the company on behalf of clients. The filing states that he transferred the money to personal bank accounts for his own use, including to pay gambling expenses.
Calomino faces one count of wire fraud. An arraignment has not yet been scheduled.
Wire fraud is punishable by up to 20 years in federal prison.
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