HOUGHTON – A former Traxys CEO pleaded guilty in U.S. District Court in Marquette to evading taxes on the proceeds of property illegally taken from the White Pine refinery and electric plant in 2011 and 2012.

Michael Reid, of Land O’Lakes, Fla., was indicted last year on 13 counts of transporting items to Green Bay and Kingsford, where they were later sold. The transactions, made between June 2011 and December 2012, totaled $1,002,840.48.

Reid’s past due amount is estimated at $282,000 plus interest for 2011 and 2012.

An evidentiary hearing will be held in April to determine if Reid was responsible for stealing the materials, converting them or taking them by fraud. If he is found responsible, he will have to pay restitution for the $1 million in stolen goods, plus interest.

In 2011, Reid established a partnership called M&D Resources, to which he directed $313,000 from the proceeds from selling the merchandise, according to court documents. He then drew down money for personal expenses, despite telling his tax preparer the withdrawals were for business expenses. He also received $217,000 in cash from sales of White Pine property, which he did not report to his tax advisor.

Reid could be sentenced for up to five years in prison; three years of supervised release; $250,000, or twice the gross gain resulting from the offense, whichever is larger; and a mandatory assessment of $100.

Reid’s sentencing is scheduled for April 28.