06-05-2025
Guilford County man pleads guilty to $20M Ponzi scheme, tax fraud: USDOJ
WINSTON-SALEM, N.C. (WGHP) — A Summerfield man pleaded guilty Tuesday to several tax crimes, according to the U.S. Department of Justice.
William Lamar Rhew, III, of Summerfield, pleaded guilty to wire fraud, money laundering, securities fraud, tax evasion and failure to file a tax return in connection with a $20 million Ponzi scheme.
Court documents show that from November 2017 to December 2023, Rhew defrauded at least $24 million from at least 117 investors by persuading victims to invest in his company, Chadley Capital, LLC, which would allegedly buy accounts receivable at a discount, sell them for a profit and provide consistently high rates of return on investment.
Instead of investing victims' funds as promised, Rhew allegedly used their money to fund personal expenses, including a boat, beach house and luxury car. Rhew also used that money to make 'interest' and 'withdrawal' payments to other investors.
Rhew also allegedly and willfully failed to report nearly $9 million in income to the IRS.
Rhew has agreed to pay $14,868,815.67 in restitution to the victims and $3,056,936 to the IRS.
Sentencing is scheduled for Aug. 22, 2025 at 2:30 p.m. in Winston-Salem.
Rhew faces a maximum sentence of twenty years in prison.
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