Glenview Resident Swindled Of $2M In Investment Scam: Feds

CHICAGO — Over the course of six months last year, a Glenview resident was swindled of $2 million as part of an investment scam. Raymon Echavez Villamor, 60, of Newport Beach, California, was indicted last week on five counts of wire fraud in U.S. District Court in Chicago. Each count is punishable by up to 20 years in federal prison, according to authorities.

Villamor pleaded not guilty to the charges on May 14. An investigation remains ongoing.

Villamor operated a company called Rainbowork, LLC, according to the indictment. Between January 2023 and July 2023, he is accused of fraudulently soliciting, obtaining, and retaining an investment of approximately $2 million from the Glenview resident.

Villamor reportedly made false representations about the performance and value of the investment, while falsely promising to repay all of it — with an added return — within a specified period of time. Authorities said this promise was made despite Villamor knowing he did not have the capability to do so.

The indictment says Villamor misappropriated the victim's money to pay for personal expenses, including vehicle purchases.