A California man has been indicted on federal fraud charges for allegedly swindling a suburban Chicago resident out of $2 million. Raymond Echavez Villamor, 60, of Newport Beach, Calif., is charged with five counts of wire fraud in an indictment returned in U.S. District Court in Chicago.  Each count is punishable by up to 20 years in federal prison.  Villamor pleaded not guilty to the charges during his arraignment Monday before U.S. Chief Magistrate Judge Young B. Kim. The indictment was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Robert W. “Wes” Wheeler, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI.  The government is represented by Assistant U.S. Attorney Jared Hasten. The officials noted that the investigation remains ongoing. According to the indictment, Villamor operated a company called Rainbowork, LLC.  Over the course of six months last year, Villamor fraudulently solicited, obtained, and retained an investment of approximately $2 million from an individual residing in Glenview, Ill., the indictment states.  Villamor made false representations about the performance and value of the investment, and falsely promised to repay all of it – with an added return – within a specified period of time, even though he knew he did not have the capability to do so, the indictment states. Villamor misappropriated the victim’s money to pay for personal expenses, including vehicle purchases, the indictment states. The public is reminded that an indictment is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.