KEY POINTS
A prominent Tampa businessman, Brian Davison, has been sentenced to three years in federal prison for orchestrating a multi-million dollar tax fraud scheme. U.S. District Judge Mary S. Scriven delivered the sentence, which also includes a restitution order for Davison to repay the Internal Revenue Service (IRS) the full $6,293,592 in taxes he evaded. The sentencing follows Davison’s guilty plea on March 24, 2025, to charges of making false and fraudulent statements on his tax returns, which willfully underreported his income by more than $29 million.
The Scope of the Fraudulent Scheme
According to court documents, the fraudulent activity occurred between October 2018 and December 2020. During this period, Davison knowingly filed multiple personal tax returns that grossly understated his true income. He was the co-founder and former CEO of Equialt, LLC, a Tampa-based real estate investment firm from which he derived a substantial portion of this income.
Investigators determined that Davison failed to report at least $29.7 million in earnings from Equialt and other business entities he controlled. This deliberate omission of income was not a simple accounting error but a willful act to deceive the government and avoid his tax obligations. The resulting tax loss to the United States Treasury was calculated to be precisely $6,293,592, the amount he is now legally required to repay.
The Collapse of Equialt and SEC Intervention
The tax fraud occurred during a tumultuous period for Davison’s primary business venture, Equialt, LLC. In February 2020, the U.S. Securities and Exchange Commission (SEC) filed a complaint against the firm, leading to its placement in a judicial receivership. This legal action is typically taken when a company is suspected of serious misconduct, such as defrauding investors.
A judicial receivership effectively removes the existing management and places the company under the control of a court-appointed third party, known as a receiver. The receiver’s job is to manage the company’s remaining assets, halt any fraudulent activity, and preserve whatever value is left for the benefit of harmed investors and creditors. The SEC’s intervention signaled major underlying problems at Equialt, predating the criminal tax charges against Davison.
A Multi-Agency Federal Investigation
The successful prosecution of Brian Davison was the result of a coordinated effort between several federal agencies, each playing a critical role in unraveling the complex financial case.
Internal Revenue Service – Criminal Investigation (IRS-CI)
The investigation was led by IRS – Criminal Investigation (IRS-CI), the law enforcement branch of the IRS. Unlike auditors who handle civil tax matters, IRS-CI special agents are federal law enforcement officers who investigate sophisticated financial crimes, including tax evasion, money laundering, and public corruption. Their financial investigators meticulously traced Davison’s income streams to build the foundation of the tax fraud case.
Federal Bureau of Investigation (FBI)
The FBI’s Tampa field office worked in conjunction with the IRS-CI. While the IRS focuses on the tax code violations, the FBI often investigates related white-collar crimes that may involve wire fraud, mail fraud, or other offenses, especially when they connect to broader schemes like the one alleged at Equialt. This partnership ensures a comprehensive approach to dismantling criminal financial operations.
The U.S. Attorney’s Office
The case was ultimately prosecuted by the U.S. Attorney’s Office for the district, with Assistant United States Attorney Adam J. Duso leading the government’s legal team. Prosecutors are responsible for presenting the evidence to a grand jury, filing formal charges, negotiating plea agreements, and arguing the government’s position during sentencing hearings.
Consequences and Accountability
The three-year prison sentence and multi-million dollar restitution order underscore the federal government’s commitment to prosecuting high-level tax crimes. Tax fraud is not a victimless crime; it erodes public trust and deprives the nation of critical funds needed for infrastructure, defense, and public services. The restitution payment ensures that Davison repays the tax revenue he illegally withheld, while the prison term serves as a punishment and a deterrent to others.
This case serves as a stark reminder that individuals in positions of power and wealth are not above the law. The diligent work of federal investigators and prosecutors ensures that those who attempt to cheat the system are held accountable for their actions, protecting the integrity of the nation’s tax system.
