California man accused of fraudulently taking $2 million from Glenview resident

A California man is facing federal fraud charges after being accused of taking $2 million from a Glenview resident under false pretenses last year, authorities said.

Raymond Echavez Villamor, 60, of Newport Beach has been charged with five counts of wire fraud in an indictment returned in U.S. District Court in Chicago, according to the U.S. Attorney’s Office.

Each count is punishable by up to 20 years in federal prison.

Villamor pleaded not guilty during an arraignment before U.S. Chief Magistrate Judge Young B. Kim.

According to the indictment, Villamor operated a company called Rainbowork, LLC. Over the course of six months, he is alleged to have fraudulently solicited, obtained and retained an investment of about $2 million from the Glenview resident.

Villamor is accused of making false representations about the performance and value of the investment, and promised to repay all of it — with an added return — within a specified period of time, though he knew he didn’t have the capability to do so, according to the indictment.

Villamor allegedly used the money misappropriated from the victim to pay for personal expenses including vehicle purchases, the indictment says.

Officials involved with the case noted the investigation remains ongoing.