Source: Federal Bureau of Investigation (FBI) State Crime News
Winston-Salem, NC – William Lamar Rhew, III of Summerfield pled guilty today, May 6, 2025, to wire fraud, money laundering, securities fraud, tax evasion, and failure to file tax return in connection with a $20 million Ponzi scheme, announced Acting United States Attorney Randall S. Galyon.
According to court documents, from November 2017 to December 2023, Rhew defrauded at least 117 investors of at least $24 million. He induced victims to invest with 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. Rhew touted the company’s increasing deal flow and underwriting standards and, in offering materials, claimed $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. In addition, for Tax Years 2018 through 2022, Rhew willfully failed to report nearly $9 million in income to the Internal Revenue Service (“IRS”). 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. At sentencing, Rhew faces a maximum sentence of twenty years in prison, a period of supervised release of up to three years, and monetary penalties.
“Sadly, we see an abundance of investment fraud schemes in which perpetrators exploit people who know and trust them,” said Acting U.S. Attorney Galyon. “We are committed to pursuing justice for victims in these cases but encourage the public to beware of any investment opportunity that sounds too good to be true, no matter who is promoting it.”
“Today’s guilty plea represents the dedication of our agency in ensuring the actions of one individual are not at the expense of others,” said Special Agent in Charge Donald “Trey” Eakins, Charlotte Field Office, IRS Criminal Investigation. “In this case, the defendant not only victimized his investors, but he also defrauded American taxpayers by concealing his income from the IRS and evading his tax liability. IRS Criminal Investigation’s special agents will continue to use their financial expertise to find and investigate these types of investor fraud schemes alongside our law enforcement partners.”
“It’s unlikely fraudsters will be up front and admit they’re taking your money and pumping it into a Ponzi scheme. But there are warning signs: investors should be wary anytime you’re guaranteed high returns with little or no risk,” said FBI Charlotte Special Agent in Charge Robert M. DeWitt. “Hopefully, the defendant’s acceptance of responsibility will offer some comfort and closure to the victims.”
“This guilty plea marks another significant victory in the pursuit of justice for the citizens of North Carolina,” said the Director of the NC SBI. “The victims in this case are hardworking men and women, many of whom are small business owners. The Financial Crimes Investigations Unit of the North Carolina State Bureau of Investigation will continue to work diligently to combat fraud against the citizens of our great state. The SBI would like to thank the IRS and FBI for their efforts in ensuring justice for the victims involved in this case.”
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.
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