Sandra J. Hairston United States Attorney | U.S. Attorney's Office for the Middle District of North Carolina
William Lamar Rhew, III of Summerfield has pled guilty to charges related to a $20 million Ponzi scheme and tax fraud. The announcement was made by Acting United States Attorney Randall S. Galyon on May 6, 2025.
Court documents reveal that from November 2017 to December 2023, Rhew defrauded at least 117 investors out of approximately $24 million. He convinced victims to invest in his company, Chadley Capital, LLC, which he claimed would buy accounts receivable at a discount and sell them for profit. Promising high returns on investment, Rhew falsely represented the company's financial dealings and growth figures.
Instead of investing the funds as promised, Rhew used the money for personal expenses such as purchasing luxury items and making payments to other investors as part of the Ponzi scheme. Additionally, between 2018 and 2022, he failed to report nearly $9 million in income to the IRS.
As part of his plea agreement, Rhew will pay restitution amounting to over $14 million to victims and more than $3 million to the IRS. Sentencing is set for August 22, 2025, where he faces up to twenty years in prison along with potential supervised release and monetary penalties.
Acting U.S. Attorney Galyon stated: “Sadly, we see an abundance of investment fraud schemes in which perpetrators exploit people who know and trust them.” He emphasized caution against seemingly too-good-to-be-true investment opportunities.
Special Agent Donald “Trey” Eakins from IRS Criminal Investigation highlighted their commitment: “Today’s guilty plea represents the dedication of our agency in ensuring the actions of one individual are not at the expense of others.”
FBI Charlotte Special Agent Robert M. DeWitt warned about fraudulent schemes: “It’s unlikely fraudsters will be up front... But there are warning signs.”
The Director of NC SBI called it a significant victory for justice in North Carolina: “The Financial Crimes Investigations Unit... will continue to work diligently.”
The investigation involved collaboration between IRS-Criminal Investigation, FBI, and North Carolina State Bureau of Investigation. Assistant U.S. Attorney Laura Jeanne Dildine is prosecuting the case.
