GREENVILLE – Sixty-one-year-old Jack P. Holleman of Tupelo admitted Friday that he conspired to avoid paying his federal income taxes from 1996 through 2005.
The longtime real estate agent and developer entered the guilty plea in Greenville before U.S. District Judge W. Allen Pepper Jr.
Under his plea agreement, he faces up to five years in prison, a $250,000 fine and three years supervised release afterward.
He will not be sentenced, possibly for several months, until the U.S. Probation Service completes a report to guide Pepper’s sentence decision.
Holleman was indicted Aug. 26 with West Point CPA Gary C. Hamilton. They were accused of working together to avoid tax payments by Holleman.
Hamilton, 62, is scheduled to go on trial Monday in Greenville. He pleaded not guilty.
In the original indictment, the two were accused of carrying out a conspiracy to benefit Holleman.
The government accused Hamilton of setting up a business that paid Holleman commissions for buying and selling real estate.
Prosecutors claimed Hamilton initially paid Holleman in checks, which Holleman would cash, but later paid him by issuing smaller checks so that Holleman was not handling large amounts of cash.
But ultimately, the government alleged, Hamilton opened a bank account for the sole purpose of paying Holleman.
If Holleman had been found guilty at trial, he faced up to 15 years in prison and $600,000 in fines.
Pepper also may order restitution from him to the government.
Hamilton faces up to 10 years in prison and $350,000 if a jury finds him guilty of the two counts against him.
Contact Patsy R. Brumfield at (662) 678-1596 or email@example.com.
Patsy R. Brumfield/NEMS Daily Journal