CHARLOTTE — A North Carolina man was sentenced to 24 years in prison for defrauding 117 investors of at least $24 million, federal prosecutors announced on Friday.
William Lamar Rhew III, 39, orchestrated a Ponzi scheme where he promised investors significant returns but instead used their money to purchase luxury items, including fancy cars, a beach house, and a boat.
Rhew pleaded guilty in May to multiple charges, including wire fraud, money laundering, securities fraud, tax evasion, and failure to file a tax return.
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