WINSTON-SALEM, N.C. — A Summerfield man pleaded guilty to several charges in federal court on Monday related to a $20 million Ponzi scheme, according to the United States Department of Justice.
According to the DOJ, documents showed that William Lamar Rhew, III, “defrauded at least 117 investors of at least $24 million” through his company Chadley Capital, LLC. The DOJ said Rhew’s company would “buy accounts receivable at a discount, sell them for a profit, and provide consistently high rates of return on investment.”
Court documents said Rhew used the investors’ money to pay his personal expenses, including a boat, a beach house and luxury cars. He would also make “interest” and “withdrawal” payments to other investors to prolong the scheme…