STATESBORO, Ga. (WSAV) — A Statesboro co-owner of eight bars in Georgia has pleaded guilty to tax evasion.

According to court documents, William Britt was involved in a tax evasion scheme on income from bars he and others owned.

Although each establishment had a sole owner, all of the bars had a group of co-owners, including Britt, with various percentages of ownership. Britt held ownership interest in Chrysha Inc., which operated a bar in Statesboro, and BGRG Inc., which operated a bar and a restaurant in Milledgeville. Britt, along with the other owners, shared in the bars’ profits as well as ownership percentages.

Britt provided false information to an accountant for tax return preparation for some of the businesses. Britt misrepresented the businesses’ true ownership, understated the bars’ income and omitted cash distributions to the owners. This caused Britt and other owners of the bars to file false tax returns with the IRS by paying less than their actual income tax liabilities.

Britt admitted to willfully underreporting his income on his 2014 individual tax return.

Last month, James Stafford, who was nominally the sole owner of Chrysha Inc. and BGRG Inc., also pled guilty to tax evasion as part of the same scheme.

Britt faces a maximum penalty of five years in prison and is expected to be sentenced at a later date. In addition to prison, he also faces a period of supervised release, restitution and monetary penalties.

The IRS-Criminal Investigation and the FBI are investigating the case. Assistant Chief David Zisserson and Trial Attorney Casey Smith of the Tax Division, and the U.S. Attorney’s Office for the Southern District of Georgia are prosecuting the case.