Eugene R. Britt III, Tax Evasion, Georgia 2024

Georgia businessman Eugene R. Britt III, also known as Trey Britt, has admitted to a scheme to evade taxes on income from his bars and restaurants near college campuses in the state. Britt pleaded guilty to tax evasion, a charge that carries a maximum penalty of five years in prison.

According to court documents and statements made in court, Britt and others disguised their ownership in the bars by causing each establishment to be owned on paper by a single person. Britt and the other true owners then shared in the profits by skimming cash and disbursing it amongst themselves. Britt personally controlled the distribution of cash for three of the establishments.

As part of his guilty plea, Britt admitted that for approximately two decades, he skimmed cash from his bars and restaurants and did not report it on his tax returns. The scheme also involved a similar cash skimming operation with respect to sales of beer at a music festival in 2015, where Britt ensured that his individual tax return was false because he did not inform his accountant of the cash he received from the bars and the music festival during this year.

The total tax loss to the IRS as a result of Britt’s actions is more than $535,000. Britt will be sentenced at a later date, and the court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney David Estes of the Southern District of Georgia made the announcement. IRS-Criminal Investigation and the FBI are investigating the case.

Britt’s conviction is a significant blow to those who seek to evade taxes and undermine the integrity of the tax system. It is a reminder that tax evasion is a serious crime that carries severe consequences. As the investigation continues, it is likely that more individuals will be held accountable for their role in this scheme.

The case serves as a warning to others who may be tempted to engage in similar activities. Tax evasion is a serious crime that can result in significant prison time and financial penalties. It is essential for individuals and businesses to maintain accurate and honest tax records to avoid falling victim to such schemes.

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