WESTPORT — A 64-year-old Westport man, founder of a local financial services firm, pleaded guilty Thursday in federal court to filing false tax returns on nearly $1.5 million.

Thomas Pacilio waived his right to be indicted and pleaded guilty to one count of filing a false tax return at U.S. District Court in Hartford before Judge Sarala V. Nagala, according to a press statement from Vanessa Roberts Avery, the U.S. attorney for Connecticut, and Joleen D. Simpson, special agent in charge of Internal Revenue Service criminal investigations in New England.

The charge carries a maximum prison term of three years. 

Pacilio was released on $350,000 bond, and is scheduled to be sentenced April 6.

The federal officials said Pacilio admitted that, from the 2015 through 2018 tax years, he filed individual income tax returns that failed to report $1,476,425 as either ordinary income or capital gains, which he received after selling his financial services firm, Clapboard Hill Advisors.

That failure, the officials said, resulted in a tax loss of $286,328 to the IRS.

Pacilio and a partner in 2011 established Clapboard Hill Advisors LLC, a financial services business headquartered in Westport, according to federal officials. Two years later, he established Alcamo Holding Corp., an 1120S corporation, and transferred his Clapboard Hill Advisors partnership interest to Alcamo.  

In 2014, officials said Pacilio, through Alcamo, and his partner, through a separate 1120S corporation, sold Clapboard Hill Advisors to McGladrey Wealth Management LLC. 

Under the sale agreement, McGladrey agreed to make a lump-sum payment at closing, officials said. Pacilio then became an employee of McGladrey for three years, subject to a non-competition provision. 

In addition to being paid a salary, if Pacilio remained a McGladrey employee, he would receive a $350,000 payment on each anniversary of the sale for three years, under the sale agreement, the federal officials said.

He also was to be paid a portion of McGladrey’s annual gross revenue of up to $150,000 the first year, $350,000 the second year and $450,000 the third year, they said.

During those three years, officials said, Pacilio did not report $1,476,425 in earnings paid under terms of the sales pact for his firm.