A Summerfield man was sentenced to nearly 20 years in prison after pleading guilty to running Ponzi scheme that defrauded investors of at least $24 million, the U.S. Attorney’s Office for the Middle District said.

William Lamar Rhew III, 39, defrauded at least 117 investors between November 2017 and December 2023, according to court records.

Rhew pleaded guilty to one count of wire fraud, one count of money laundering, one count of securities fraud, one count of tax evasion, and one count of failure to file a tax return on May 6 and was sentenced on August 22.

As part of his plea agreement, Rhew will also pay $17.9 million in restitution.

Rhew got his victims to invest with his company Chadley Capital LLC, which promised it would buy investors’ accounts receivable at a discount, sell t

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