Date: April 15, 2024 Contact: newsroom@ci.irs.gov Columbia, SC — Dennis Wayne Brite of Aiken, pleaded guilty to tax evasion today. Evidence obtained in the investigation revealed that former financial advisor and stockbroker Dennis Wayne Brite formed multiple holding companies in the countries of Seychelles, Nevis, and Belize. He used these holding companies to transfer millions of dollars out of the United States to avoid paying taxes on his income. He 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, between 2013 and 2018, he failed to account for the over $2.5 million held overseas on his income tax returns. Brite faces a maximum penalty of five years in federal prison. He also faces a fine of up to $100,000, restitution, and three years of supervision to follow the term of imprisonment. United States District Judge Sherri Lydon accepted the guilty plea and will sentence Brite after receiving and reviewing a sentencing report prepared by the U.S. Probation Office. This case was investigated by the Internal Revenue Service Criminal Investigation (CI). Assistant U.S. Attorney T. DeWayne Pearson is prosecuting the case. CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.
