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CHICAGO - A California man has been sentenced to two and a half years in federal prison after allegedly swaddling $2 million from a Chicago suburb resident.
Raymond Echavez Villamor, 62, of Newport Beach, Calif., pleaded guilty last year to federal wire fraud.
The backstory:
According to the U.S. Attorney's Office, Villamor solicited and obtained a $2 million investment from a Glenview, Ill. resident over the course of six months in 2023. Villamor claimed to be an investment advisor and promised the victim that they would receive their money back, plus a substantial return. Prosecutors say Villamor actually used the money for personal expenses, including to buy vintage cars. He also allegedly used the money to pay back other investors.
What's next:
On Tuesday, Echavez Villamor was ordered to repay the victim in full and was sentenced to 30 days in prison.
The Source: Details for this story were provided by the U.S. Attorney's Office, Northern District of Illinois.