Michael Wayne Davis II, a former resident of Eagle, pleaded guilty today in Boise to wire fraud and filing a false tax return as part of a plea agreement.
Davis, former owner of Xpress Flex Inc., a Boise company that administered tax-free benefits, including health and child care, misappropriated more than $950,000 in clients' funds, using them to pay credit card charges and business expenses for another of his companies, Payroll America Inc., between 2009 and 2010.
He has agreed to pay restitution of $999,930.90 to Xpress Flex and $45,290 to the IRS in tax losses.
Wire fraud may land Davis in jail for as long as 20 years and a maximum fine of $250,000. Filing a false tax return may net him an additional three years in prison and a maximum $100,000 fine.
Sentencing is scheduled for Dec. 3.