The S.C. Department of Revenue arrested James Patrick Federspiel on Thursday, charging him with seven counts of tax evasion. He is president and co-owner of VOR Enterprises LLC, Dawn International LLC and Carolina Consoles LLC, according to a Revenue Department news release.
Federspiel, 76, earned more than $6.3 million from the three companies and evaded paying $393,264 in taxes to the state over seven years of failing to file state income tax returns, the news release said. He claimed to be exempt from state taxes, according to statements made to agents from the Department of Revenue.
The Anderson executive will serve a maximum of five years in prison or a $10,000 fine per count, or both, if convicted, according to the release. He was being held Thursday in the Anderson County Detention Center pending a bail hearing.
Dawn International is an ornamental metal stamping business located at 132 Parkside Drive, Anderson, according to the Small Business Database. Carolina Consoles, located at 114 Twenty Nine Court, Williamston, specializes in car customization.