Summerfield man sentenced to nearly 2 decades in prison for Ponzi scheme

A NC Ponzi schemer has been sentenced. Officials say he lied to investors, hoarded wealth.

A North Carolina Ponzi schemer was sentenced to 24 years in prison Friday for defrauding 117 investors of at least $24 million, federal prosecutors said. William Lamar Rhew III, 39, claimed he would make the investors rich, but instead bought “fancy cars, a beach house and even a boat” with their money, James Barnacle Jr., FBI Charlotte special agent in charge, said in a news release by U.S. Attorney Clifton Barrett’s office. Rhew pleaded guilty…

Summerfield man sentenced to nearly 2 decades in prison for Ponzi scheme

SUMMERFIELD, N.C. (WGHP) -- A Summerfield man was sentenced to nearly two decades in prison on Friday for his involvement in a Ponzi scheme and tax fraud, according to the Department of Justice. William Lamar Rhew, III, 39, pleaded guilty to: wire fraud money laundering securities fraud tax evasion failure to file tax returns The charges were in connection with a $20 million Ponzi scheme. He was sentenced to 235 months’ (19 years and seven mont…