Winston-Salem, NC – The grim reaper of investor trust, William Lamar Rhew, III, a 39-year-old Summerfield resident, was today condemned to over 19 years in the slammer for orchestrating a $20 million Ponzi scheme and tax fraud. United States Attorney Clifton T. Barrett of the Middle District of North Carolina (MDNC) made the announcement on this dark Friday, August 22, 2025.
Rhew, the mastermind behind Chadley Capital, LLC, was sentenced to 235 months’ imprisonment followed by 3 years of supervised release by Judge Thomas D. Schroeder. His fraudulent empire, built on lies of high returns and promised wealth, crumbled as he defrauded at least 117 investors out of $24 million.
From November 2017 to December 2023, Rhew used his victims’ money for personal luxuries like boats, beach houses, and luxury cars. He paid off his credit cards, funded a lifestyle that was far beyond what the victims thought they were investing in, and made interest payments to other investors from stolen funds.
But it wasn’t just about lining his own pockets; Rhew also played a game of hide and seek with the IRS, failing to report nearly $9 million in income between 2018 and 2022, dodging over $3 million in taxes. He kept up the charade with a shell business entity funded by Chadley Capital’s ill-gotten gains, lying to his accountant every step of the way.
In a statement that echoed the anger and betrayal of the investors he defrauded, United States Attorney Barrett emphasized, ‘We will prosecute such schemes to the full extent of the law.’ Special Agent in Charge Donald ‘Trey’ Eakins of IRS Criminal Investigation added, ‘Fraudsters like Rhew who rip off hardworking Americans will be held accountable.’
James C. Barnacle Jr., FBI Charlotte Special Agent in Charge, summed up the emotional impact of such crimes: ‘He promised to make them rich, instead he profited. Fraud of this magnitude can have a lasting impact not only financially but emotionally for victims.’ The North Carolina State Bureau of Investigation (NCSBI) echoed the commitment to protect citizens from such predators.
Related Federal Cases
- Charles Caleb Fackrell Sentenced in $1.4M Ponzi Scheme · North Carolina
- ZeekRewards CEO Sentenced For $900M Ponzi Scheme · North Carolina
- Kathleen Stegman Jailed for Tax Evasion Scheme · North Carolina
- Ricky Costello Williams Sentenced in Tax Fraud Scheme · North Carolina
- Frank Alton Moody II Pleads Guilty to $2M Payroll Fraud Scheme · North Carolina
Key Facts
- State: North Carolina
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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