A Summerfield man has been accused of operating a massive Ponzi scheme that defrauded at least 117 investors of at least $24 million in North Carolina.
According to court documents, William Lamar Rhew, III, defrauded victims of at least $24 million by inducing them to invest with his company Chadley Capital, LLC, which promised consistently high rates of return on investment.
Rhew touted the company’s increasing deal flow and underwriting standards, claiming $300 million in transactions in 2023, consistent returns in excess of 20% per year, and nearly 74% total growth over 24 months.
All of Rhew’s representations were false. Instead of investing victims’ funds as promised, Rhew used their money to pay his personal expenses, including the purchases of a boat, a beach house, and luxury cars, and to make ‘interest’ and ‘withdrawal’ payments to other victim-investors as part of the Ponzi scheme.
Rhew also willfully failed to report nearly $9 million in income to the Internal Revenue Service (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, North Carolina, before United States District Judge Thomas D. Schroeder.
Rhew faces a maximum sentence of twenty years in prison, a period of supervised release of up to three years, and monetary penalties.
Related Federal Cases
- Camille M. Harris, Property Fraud Scheme, North Carolina, 2023 · North Carolina
- Tracey Hernandez, Tax Fraud, Burlington NC, 2021-2022 · North Carolina
- Tracey Hernandez, Tax Refund Scheme, Burlington NC, 2022 · Colorado
- Helen Jean Anderson, Tax Refund Fraud, SC, 2023 · South Carolina
- Raymond Leo Jarlik Bell, OID Fraud Scheme, USA, 2023 · Arkansas
Key Facts
- State: North Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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