BOISE -- The owner of a former Idaho company that administered flexible benefits plans for employers has pleaded guilty to wire fraud for using nearly $1 million for personal expenses.
U.S. Attorney Wendy J. Olson said Michael Wayne Davis II of Raleigh, N.C., entered his guilty plea Monday.
Prosecutors alleged that from 2009 to 2010, Davis misappropriated funds that were to be held by Xpress Flex Inc., for personal expenses and for another business that he owned, Payroll America Inc.
He also pleaded guilty to tax fraud for failing to report nearly $200,000 in capital gains he made when taking money deposited with the payroll administration company and investing it in the stock market.
Court records say Davis has agreed to pay nearly $1 million in restitution. Sentencing is set for Dec. 3.