ESTES PARK, Colo. — An Estes Park man pleaded guilty to a fraud and tax evasion case that cost the U.S. $45 million dollars, the U.S. Justice Department said.

Between 2018 and 2023, Timothy McPhee promoted a fraudulent tax shelter to taxpayers across the U.S. through a private family foundation and three trusts.

"McPhee taught clients who purchased the tax shelter how to use the trusts and foundation to evade paying federal income taxes on nearly all their income," the Justice Department said in a release.