Tampa businessman sentenced to federal prison for tax fraud

The co-founder and former CEO of a Tampa real estate investment firm has been sentenced to three years in federal prison for tax fraud after investigators say he underreported his income by nearly $30 million.

Brian Davison, formerly of EquiAlt LLC, pleaded guilty to three counts of tax fraud on March 24. As part of his sentence, the court also ordered Davison to pay nearly $6.3 million restitution to the IRS.

Davison is the first to face criminal charges since the US Securities and Exchange Commission accused Davison and former EquiAlt Managing Director Barry Rybicki in February 2020 of using their company to run a $170 million ponzi scheme.