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Summerfield Man Pleads Guilty to $20M Ponzi Scheme
Winston-Salem, NC – William Lamar Rhew III, a Summerfield resident, has pleaded guilty to multiple charges related to a $20 million Ponzi scheme.
According to court documents, Rhew defrauded at least 117 investors of at least $24 million from November 2017 to December 2023. He operated a company called Chadley Capital, LLC, which promised its investors high returns on investments in accounts receivable.
However, Rhew used the investors’ funds to pay his personal expenses, including the purchase of a boat, a beach house, and luxury cars. He also made payments to other investors as part of the Ponzi scheme.
Rhew willfully failed to report nearly $9 million in income to the IRS for Tax Years 2018 through 2022.
As part of the plea agreement, Rhew has agreed to pay restitution to the victims in the amount of $14,868,815.67 and to the IRS in the amount of $3,056,936.
Sentencing is scheduled to take place on August 22, 2025, at 2:30 p.m. in Winston-Salem, NC, before United States District Judge Thomas D. Schroeder.
Acting U.S. Attorney Randall S. Galyon stated, ‘Sadly, we see an abundance of investment fraud schemes in which perpetrators exploit people who know and trust them.’
Special Agent in Charge Donald ‘Trey’ Eakins of the IRS Criminal Investigation added, ‘Today’s guilty plea represents the dedication of our agency in ensuring the actions of one individual are not at the expense of others.’
The case was investigated by the Internal Revenue Service-Criminal Investigation, Federal Bureau of Investigation, and North Carolina State Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Laura Jeanne Dildine.
Key Facts
- State: North Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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