An Aiken man faces up to five years in prison and up to $100,000 after pleading guilty to tax evasion.
District Judge Sherri Lydon accepted the guilty plea of Dennis Wayne Brite, 72, of Aiken on Monday.
An investigation revealed Brite, a former financial advisor and stockbroker, used holding companies based in The Seychelles, St. Kitts and Nevis, and Belize to transfer millions of dollars out of the United States and avoid paying income tax.
The European Union once considered The Seychelles and Belize to be non-cooperative tax jurisdictions but removed them from this list earlier this year. St. Kitts and Nevis has long been considered a tax haven.
Between 2013 and 2018, Brite did not account for $2.5 million held overseas on his income tax returns, U.S. Attorney Adair Ford Burroughs said in a news release.
The investigation also revealed that Brite transferred money between bank accounts in Belize and St. Vincent and the Grenadines to avoid reporting requirements.
Lydon will sentence Brite after receiving and reviewing a sentencing report prepared by the United States Probation Office.
This case was investigated by the Internal Revenue Service.
Assistant U.S. Attorney T. DeWayne Pearson prosecuted the case.
