A Nebraska man has pleaded guilty to creating an elaborate scheme to avoid paying $422,350 in taxes.

U.S. Attorney Deborah Gilg says 50-year-old Michael Haffke pleaded guilty on Wednesday as part of a deal

Prosecutors say Haffke created more than 40 different corporations as part of a scheme to hide income from the Internal Revenue Service.

Haffke also failed to file personal income tax returns from 2003 through 2008.

Haffke worked with IRS investigators to determine how much he owed.

He could be sentenced to up to five years in prison and a $250,000 fine on May 31.