Federal prosecutors announced that a former advisor and stockbroker from South Carolina has pleaded guilty to charges of tax evasion, according to Financial Advisor.
The case involves 72-year-old Dennis Wayne Brite of Aiken. The U.S. Attorney’s Office said its evidence indicated that Brite formed multiple holding companies in Sychelles, Nevis, and Belize and used these companies to transfer millions of dollars out of the United States to avoid paying taxes on his income.
He allegedly shuttled money between accounts in banks in Belize and the islands of St. Vincent and the Grenadines to avoid reporting requirements.
Although Brite was required to report his money held in the foreign bank accounts, the charges state that between 2013 and 2018 he failed to account for over $2.5 million held overseas on his income tax returns.
Brite faces a maximum penalty of five years in federal prison along with a fine of up to $100,000, restitution, and three years of supervision to follow the term of imprisonment. The guilty plea was accepted by United States District Judge Sherri Lydon, who will sentence Brite after receiving and reviewing a sentencing report prepared by the U.S. Probation Office.
Brite was listed on BrokerCheck as an advisor with Cambridge Investment Research from 2005 to 2016 and had one customer complaint on his record
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