North Carolina man pleads guilty to $20 million Ponzi scheme, tax fraud, officials say

By JD Franklin III

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    SUMMERFIELD, North Carolina (WXII) — A Piedmont Triad man has been convicted after pleading guilty to several charges, according to Acting United States Attorney Randall S. Galyon.

According to court documents, from November 2017 to December 2023, William Rhew III defrauded at least 117 investors of at least $24 million.

He induced victims to invest in his company Chadley Capital, LLC, which would allegedly buy accounts receivable at a discount, and provide a consistently high rate of return of investment.

Officials said Rhew touted the company’s increasing deal flow and underwriting standards and, in offering materials, claimed $300 million in transactions in 2023, consistent returns over 20% per year, and nearly 74% total growth over 24 months.

All of Rhew’s transactions were false. Instead of investing the victims’ funds as promised, officials said he used their money for personal expenses, including purchasing a boat, a beach house, and luxury cars. He also failed to report nearly $9 million in income to the Internal Revenue Service from 2018 to 2022.

Officials said Rhew pleaded guilty on Tuesday to wire fraud, money laundering, securities fraud, tax evasion, and failure to file tax returns. As part of the agreement, Rhew has also agreed to pay nearly $15 million to the victims, and just over $3 million to the IRS.

Officials said Rhew is scheduled to be sentenced on Aug. 22, 2025.

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