An Old Saybrook resident was arrested yesterday on a federal criminal complaint that charges him with one count of filing a false tax return.

The complaint alleges that, on June 7, 2011, David Adams sold his partnership interest in an online floral business and received $4,708,419 as part of the net proceeds owed to him as a result of the sale. Although Adams told his accountant that he sold his partnership interest in 2011, Adams did not tell his accountant that he received $4,708,419. And his 2011 tax return did not include the $4,708,419 in income.

The complaint alleges that Adams also made false statements on his tax returns for years 2002, 2009 and 2012, and that Adams has an extensive history with IRS collections.

According to statements made in court, it is alleged that Adams owes approximately $4.7 million in back taxes, interest and penalties.

Adams appeared before U.S. Magistrate Judge Robert A. Richardson in Hartford and was released on a $500,000 bond secured by real property. The charge of filing a false tax return carries a maximum term of imprisonment of three years.