A federal grand jury in Alexandria indicted two men yesterday on separate counts of fraud, charging that one used fraudulent schemes to raise about $126,000 for a magazine that was published irregularly and that another never paid for airline tickets he obtained under false names.

In the case of the Alexandria-based magazine, Quinto Lingo, publishing executive Endel Peedo was indicted on 15 counts of mail fraud, securities fraud, making flase statements to U.S. postal officials, and related charges.

Peedo allegedly raised about $126,000 from Dec. 6, 1975, to Sept. 18, 1979, from more than 14 investors, distribution companies, and subscribers in connection with the magazine, and two textbooks, the indictment charges.

The 19-page indictment alleges that the magazine was never published on time; one of the books, "American Diplomacy," was never published, and the other "Freedom USA" was not published in quantities matching the orginal contracts.

A spokesman at the magazine's offices, located at 101 S. Whiting St., Alexandria, said Peedo was out of town and could not be reached for comment. Last year during an investigation by the Alexandria Office of Consumer Affairs of complaints that subscribers had not received their publications, Peedo denied that any fraud was involved in his activities.

If convicted, Peedo could receive up to 110 years in prison and a $117,000 fine.

In an unrelated case, the federal grand jury indicted Willie B. Hubbard, also known as "Uncle George" of Accokeek, Md., for allegedly using five false names between 1977 and 1978 to obtain an unstated number of airplane tickets that he never paid for.

Hubbard allegedly then commissioned several unnamed people to sell the tickets and kept the proceeds, minus the commissions, for himself, according to the eight count indictment.

If convicted, Hubbard could be sentence to up to 40 years in prison and an $8,000 fine. Hubbard could not be located for comment.