California man indicted for $2 million wire fraud scheme targeting Glenview resident

CHICAGO - A California man has been indicted on five counts of wire fraud after being accused of swindling a Glenview resident out of $2 million.

Raymond Echavez Villamor, 60, of Newport Beach, Calif., is charged with the five counts, according to the U.S. Attorney's Office. 

The indictment, returned in U.S. District Court in Chicago, carries a potential penalty of up to 20 years in federal prison for each count. 

Villamor pleaded not guilty to the charges on Monday during his arraignment, according to prosecutors. 

As stated in the indictment, he operated a company called Rainbowork, LLC and over a six-month span last year, he fraudulently solicited, obtained and retained an investment of $2 million from a Glenview resident, the attorney's office said. 

Villamor allegedly made false claims about the investment's performance and value and falsely promised to repay the full amount with an added return within a specified period, despite knowing that he couldn't fulfill the promise. 

The indictment also claims Villamor misappropriated the Glenview resident's funds for personal expenses, which include vehicle purchases, according to the attorney's office. 

The investigation is ongoing.