The longtime owner of Boston's largest taxi company has agreed to pay more than $2.3 million in fines after being charged with payroll tax evasion, employing people who are in the country illegally and failing to pay overtime wages.

Federal prosecutors say Edward Tutunjian and his firm, EJT Management Inc., signed plea agreements. He could also serve up to two years in prison. The 66-year-old Tutunjian was charged Tuesday.

The company, which operates Boston Cab, was also charged with fraud for helping employees gain federal housing subsidies for which they were not entitled.

A lawyer for Tutunjian, Andrew Good, said in a statement to The Boston Globe that his client "accepts full responsibility for his unlawful practices."