Chicago, IL – A California man has been sentenced to federal prison after prosecutors say he orchestrated a $2 million investment fraud scheme targeting a suburban Chicago resident.
According to the U.S. Attorney’s Office for the Northern District of Illinois, Raymond Echavez Villamor, 62, of Newport Beach, California, was sentenced to 30 months in prison after pleading guilty to a wire fraud charge. The sentence was handed down Tuesday, May 5, 2026, in federal court.
Prosecutors say the scheme took place over a six-month period in 2023, when Villamor allegedly posed as an investment advisor and solicited $2 million from a victim in Glenview, located in Cook County. Authorities say he made false claims about investment opportunities and promised significant returns.
Instead, investigators say Villamor used the funds for personal expenses, including the purchase of luxury items such as vintage automobiles. Officials also allege he used money from new investors to repay earlier ones, a pattern consistent with a Ponzi-style scheme.
The court ordered Villamor to pay full restitution to the victim as part of his sentence. The case was investigated by the FBI’s Chicago Field Office.
Federal prosecutors emphasized that investment fraud remains a serious threat and urged the public to verify financial advisors and be cautious of promises guaranteeing high returns.
Villamor is presumed innocent on any remaining matters unless proven guilty in a court of law.
