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New Jersey Coin dealer who stole identities sentenced to prison.

ms70ms70 Posts: 13,946 ✭✭✭✭✭
edited October 23, 2017 12:56PM in U.S. Coin Forum

He was also from Collier County, Florida.....

Coin dealer who stole identities, evaded $400K in taxes sentenced to prison

"A coin dealer will spend 15 months in prison for cheating the government by not paying taxes on $400,000 in income.

William Dominick, 69, formerly of Old Tappan, is also required to pay restitution on the income he failed to report between 2010 and 2014. A federal judge sitting in Trenton handed down the sentence on Friday.

Dominick, who ran Westwood Rare Coin out of his home, tried to corner the market by buying coins in bulk from the U.S. Mint with credit cards he opened by stealing people's identities. He then sold the coins and failed to report the income to the IRS.

Dominick, who later moved to Collier County, Florida was also fined $10,000 and will be subject to supervised release for three years after his prison stint ends. He pleaded guilty to tax evasion and identity theft on Feb. 14."

http://www.nj.com/bergen/index.ssf/2017/10/coin_dealer_who_stole_peoples_identities_evaded_ta.html#incart_river_home

Great transactions with oih82w8, JasonGaming, Moose1913.

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Comments

  • messydeskmessydesk Posts: 19,679 ✭✭✭✭✭

    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

  • ms70ms70 Posts: 13,946 ✭✭✭✭✭
    edited October 23, 2017 9:38AM

    I can't find a mugshot of this guy, but I found a related article:

    " 03/02/2017

    (Temecula, California) – The Professional Numismatists Guild (www.PNGdealers.org) has accepted the resignation of PNG member-dealer William Dominick of Naples, Florida.

    PNG Executive Director Robert Brueggeman had suspended Dominick pending ratification of the PNG Board of Directors for suspension or expulsion, as per the organization’s bylaws.

    Dominick, who became a PNG member-dealer in 1990 and has been on retired status since 2007, submitted his resignation prior to a vote by the Board, and it was accepted."

    https://pngdealers.org/png-accepts-resignation-of-william-dominick/

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • specialistspecialist Posts: 956 ✭✭✭✭✭

    ahh, yet another PNG bird nailed for tax evasion. most famous: leon hendrickson of silvertowne fame

  • Insider2Insider2 Posts: 14,452 ✭✭✭✭✭
    edited October 23, 2017 9:58AM

    @specialist said: "ahh, yet another PNG bird nailed for tax evasion. most famous: leon hendrickson of silvertowne fame."

    Hey Mr. Straight Shooter, thanks for your post about Leon, as I had completely forgotten about that! There are definitely degrees of morality and criminality in this world. That said, I don't know who you are but in my limited experience I know very few folks a worthy of throwing rocks around. You must be the exception in your own mind.

    Nothing would please me more if some rocks get thrown in a different direction. :p

    Proud member of PNG

  • specialistspecialist Posts: 956 ✭✭✭✭✭

    yeah I am exception. Okay, sorry about the Leon comment. He was a nice guy.

  • johnny9434johnny9434 Posts: 27,478 ✭✭✭✭✭

    they deserve what they get and then some. jmo

  • BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    @specialist said:
    ahh, yet another PNG bird nailed for tax evasion. most famous: leon hendrickson of silvertowne fame

    IIRC, the crime that the Hendricksons plead guilty to was a form of Money Laundering.

    If memory serves, some people might have considered it an unusual or obscure form of Money Laundering, but it was very very blatant.

  • GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    Come on guys I am sure he was just pointing out past issues. It's easy to do.this it just is. I know I am NOT perfect. Thus the undercover name " gluggo " B)B)B)

  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    That's a long delay from the initial press release that said he was due to be sentenced around the tax filing deadline. If they really wanted to make a big case, they could have audited him going back many years, if he was going to evade and not report toward the end of his career, it must have been a lot worse earlier.

    As I remember Silvertowne was allowing a drug dealer to launder their money with gold shot, or something like that. I heard he was frog marched out of the Baltimore show in the early 90s. Years later I was able to get Silvertowne to take a third party check I signed over to them for some numismatics I had sold to a major dealer and exchange it for gold bullion.

  • BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭
    edited October 23, 2017 1:06PM

    Checks and other financial documents that leave distinct 'paper' trails generally do not fall in the realm of Money Laundering. Money Laundering is practically all about a specific bearer instrument - Green physical banknotes.

    Actually, the temptation to do something wrong could be greater towards the end of a career that is only semi-successful. People who are very apprehensive about their well-being in their old age have some motivation to take 'shortcuts' in making some money before they retire.

  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭

    should hang him by his balls.

  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    One of the unfortunate realities here was that Dominick/Westwood was one of the dealers who were robbed after the FUN show: http://articles.orlandosentinel.com/2006-01-20/news/COINTHEFT20_1_coin-dealer-coin-show-silver-dollars

  • PTVETTERPTVETTER Posts: 5,880 ✭✭✭✭✭

    I guess there is no honor between robbers

    Pat Vetter,Mercury Dime registry set,1938 Proof set registry,Pat & BJ Coins:724-325-7211


  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    edited October 23, 2017 7:28PM

    @logger7 said:
    One of the unfortunate realities here was that Dominick/Westwood was one of the dealers who were robbed after the FUN show: http://articles.orlandosentinel.com/2006-01-20/news/COINTHEFT20_1_coin-dealer-coin-show-silver-dollars

    You can't make this stuff up. What a douche. A hundie? Oh what a swell guy. A hundred dollar tip? What a big shot. Karma. So many eye rolls in ths story

    Waffle House, Mercedes, 800K and a homeless hero

    m

    The biggest haul happened two hours from Orlando after the coin show closed, when at least three men with a shotgun followed a coin dealer to Florida's west coast, police said.
    William Dominick had stopped at a Waffle House in Bradenton, where armed robbers smashed out the windows of his silver Mercedes Benz sedan while he sat in the driver's seat, according to the Manatee County Sheriff's Office.
    Popping open the trunk, the robbers grabbed two steel cases plus a briefcase and ran toward a black late-model luxury car with tinted windows. A homeless man intervened and slugged one of the robbers, who dropped and left behind the largest of the cases, reports show.
    "It had $700,000 to $800,000 inside," Dominick said Thursday evening of the recovered case. The contents included an 1879 U.S. gold coin worth $150,000 and a $10,000 bill valued at $75,000, he said.

    "The blessing is that that homeless guy was there," said Dominick, who gave the man a $100 bill.

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • ColonelJessupColonelJessup Posts: 6,442 ✭✭✭✭✭
    edited October 23, 2017 7:05PM

    Known him locally for over 40 years. Use to renege constantly on bids on the Sloat system many years ago. Likely no one in North Jersey is surprised. I concur with NJ emigrant @mrearlygold, who may have known this sterling character.

    Homeless guy saved him $700K. $100 is, at least to me, a bit light, but I'm a soft touch when gratitude is to be expressed,.

    "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." - Geo. Orwell
  • ldhairldhair Posts: 7,119 ✭✭✭✭✭

    It's good to hear that some of the bad guys get caught.

    Larry

  • DavideoDavideo Posts: 1,361 ✭✭✭✭

    @messydesk said:
    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

    I wouldn't be surprised if that was the case. Screw over a random joe vs screw over the IRS. Sadly the feds don't view the two equally.

  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭
    edited October 23, 2017 8:54PM

    @Davideo said:

    @messydesk said:
    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

    I wouldn't be surprised if that was the case. Screw over a random joe vs screw over the IRS. Sadly the feds don't view the two equally.

    I’m not privy to the details of the case, but it sounds like, aside from tax evasion, the crime’s goal was to purchase more coins from the Mint than allowed. (Gold Kennedys, if I had to guess.) I would think that most people on this forum do not consider that an especially heinous act.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @ms70 said:
    ".....tried to corner the market by buying coins in bulk from the U.S. Mint....."

    I’m pretty sure it’s not illegal to try to corner the market on a coin. Then again, I would not assume that WD was even trying to corner the market. It’s probably just the way some layman wrote up a story he didn’t really understand.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @logger7 said:
    That's a long delay from the initial press release that said he was due to be sentenced around the tax filing deadline. If they really wanted to make a big case, they could have audited him going back many years, if he was going to evade and not report toward the end of his career, it must have been a lot worse earlier.

    As I remember Silvertowne was allowing a drug dealer to launder their money with gold shot, or something like that. I heard he was frog marched out of the Baltimore show in the early 90s. Years later I was able to get Silvertowne to take a third party check I signed over to them for some numismatics I had sold to a major dealer and exchange it for gold bullion.

    Why would you want to do that?

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @Davideo said:

    @messydesk said:
    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

    I wouldn't be surprised if that was the case. Screw over a random joe vs screw over the IRS. Sadly the feds don't view the two equally.

    If I’m right about this case, the identity thefts were victimless crimes. The victims were the collectors who bought coins in the aftermarket at high prices because the Mint sold out quickly. Then again, most of the collectors who bought these coins for big money would never actually have thought to buy the coins from the Mint. They were probably just responding to a secondary market marketing pitch. So maybe the real victims were the would-be flippers who didn’t get to buy as many coins as they otherwise might have. Ironically, most of the flippers probably also attempted to exceed their household limits, sooooo....

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • davewesendavewesen Posts: 5,832 ✭✭✭✭✭

    @MrEureka said:

    @Davideo said:

    @messydesk said:
    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

    I wouldn't be surprised if that was the case. Screw over a random joe vs screw over the IRS. Sadly the feds don't view the two equally.

    If I’m right about this case, the identity thefts were victimless crimes. The victims were the collectors who bought coins in the aftermarket at high prices because the Mint sold out quickly. Then again, most of the collectors who bought these coins for big money would never actually have thought to buy the coins from the Mint. They were probably just responding to a secondary market marketing pitch. So maybe the real victims were the would-be flippers who didn’t get to buy as many coins as they otherwise might have. Ironically, most of the flippers probably also attempted to exceed their household limits, sooooo....

    Are you saying the fake credit card bills were paid? or were authentic peoples' information used and a maxed out, defaulted credit card showed up on their credit report?

  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭
    edited October 23, 2017 10:20PM

    @davewesen said:

    @MrEureka said:

    @Davideo said:

    @messydesk said:
    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

    I wouldn't be surprised if that was the case. Screw over a random joe vs screw over the IRS. Sadly the feds don't view the two equally.

    If I’m right about this case, the identity thefts were victimless crimes. The victims were the collectors who bought coins in the aftermarket at high prices because the Mint sold out quickly. Then again, most of the collectors who bought these coins for big money would never actually have thought to buy the coins from the Mint. They were probably just responding to a secondary market marketing pitch. So maybe the real victims were the would-be flippers who didn’t get to buy as many coins as they otherwise might have. Ironically, most of the flippers probably also attempted to exceed their household limits, sooooo....

    Are you saying the fake credit card bills were paid? or were authentic peoples' information used and a maxed out, defaulted credit card showed up on their credit report?

    I'm guessing that accounts were set up in fictitious names and that the bills were paid. And I'm guessing that this is considered identity theft under the law. I say this partly because buying the coins was the real score, and partly because WD is just a coin dealer, not a hacker or criminal mastermind. But again, I'm just guessing.

    I would also guess that whatever he was doing, others were doing the same.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • PQueuePQueue Posts: 901 ✭✭✭

    RE:
    I'm guessing, I would also guess, They were probably, So maybe
    C'mon man...

  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    He had a nearly photographic memory on numismatic coins. Billed himself as "king of cash #2" in Coin World for years after Spectrum, something of a hustler. He definitely had some nice coins. My last transaction with him was a raw $5 early gold piece with a 10% loss if returned within a month. It came back as cleaned and tooled. I sent it back they denied the return, I said I would go over their heads, they relented saying "never do this to them again". They should have quit and downsized when they were well off, but greed never quits.

  • PQueuePQueue Posts: 901 ✭✭✭

    RE:
    ...they relented saying "never do this to them again"
    Yes, another fine upstanding coin dealer with impeccable ethics.

    BTW, you can see his pic on Facebook, look for his name in Tappan NJ. He is self employed and loving it. Lists himself as "Professional Numismatist since the age of 14". Oh yeah, he went to Clifton High School.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Well, there must have been sufficient criminal activity to convict him..... He has likely committed far more than he has been charged with. Cheers, RickO

  • DavideoDavideo Posts: 1,361 ✭✭✭✭

    @MrEureka said:
    I'm guessing that accounts were set up in fictitious names and that the bills were paid. And I'm guessing that this is considered identity theft under the law. I say this partly because buying the coins was the real score, and partly because WD is just a coin dealer, not a hacker or criminal mastermind. But again, I'm just guessing.

    I would also guess that whatever he was doing, others were doing the same.

    I had not put it together before, I believe you are correct. From a previous thread I remember a NJ dealer setting up fake Mint accounts with fake identities to get around household limits. I would have thought that would just be considered fraud, but maybe it is correctly identified as identity theft.

  • BillJonesBillJones Posts: 33,471 ✭✭✭✭✭

    @MrEureka said:

    @Davideo said:

    @messydesk said:
    So 15 months for tax evasion, bupkis for multiple counts of identity theft? Glad he got jail, but I wish the article had better details.

    I wouldn't be surprised if that was the case. Screw over a random joe vs screw over the IRS. Sadly the feds don't view the two equally.

    I’m not privy to the details of the case, but it sounds like, aside from tax evasion, the crime’s goal was to purchase more coins from the Mint than allowed. (Gold Kennedys, if I had to guess.) I would think that most people on this forum do not consider that an especially heinous act.

    I have known a few dealers who put together a group of people to purchase limited issue / limited number of coins per order mint products so that they could buy more pieces or sets. There is nothing illegal about that, but it appears that this guy used stolen identities to get addition credit cards that he could use to buy more coins.

    To me people who are involved in identity theft should go to jail for long time. It makes life hell for those people whose identities have been stolen. It is worse than most any other type of stealing because it can damage every aspect of the victim’s life.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • PQueuePQueue Posts: 901 ✭✭✭

    RE:
    To me people who are involved in identity theft should go to jail for long time. It makes life hell for those people whose identities have been stolen. It is worse than most any other type of stealing because it can damage every aspect of the victim’s life.
    +1

  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @PQueue said:
    RE:
    I'm guessing, I would also guess, They were probably, So maybe
    C'mon man...

    I like to be clear about what I know and what I don't know. Granted, that's not the norm on this forum, but I prefer to do things my way.

    And to elaborate just a little bit more on my position, I've known WD for 50 years and think I have a pretty good sense of what he would and would not do to make a buck. Unless someone comes up with facts to prove me wrong, I'm going to assume I've got things about right.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @PQueue said:
    RE:
    To me people who are involved in identity theft should go to jail for long time. It makes life hell for those people whose identities have been stolen. It is worse than most any other type of stealing because it can damage every aspect of the victim’s life.
    +1

    A friend of mine just got a credit card offer in the name of her dog. I she got the card and let me use it to avoid household limits on coin purchases, would it qualify as "identity theft" under the law? What if we arranged for 100 more cards in the names of all of the fish in her aquarium? I don't know, but the law can be kind of funny at times.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    I agree that it was a stretch for the Fed. to nail him for "identity theft" if all he was doing was creating false names to be delivered to "corner the market" which is a joke with the flash in the pan mint productions. None of them have held their value for long. I guess doing this for commercial purposes is where they nail someone; less so if you created false names like Ben Franklin did for debate, entertainment or "educational" purposes.

  • PQueuePQueue Posts: 901 ✭✭✭

    The gentleman Dominick was convicted in a court of law for tax evasion and identity theft. I agree with Bill Jones on the latter, it is a crime that creates substantial hardship on ID theft victims. If the conviction weren't enough ... somehow I believe, I'm guessing, it is probably correct, that Logger's experience buying and returning a tooled coin reflects Dominick's character accurately.

  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    He was a big market maker in Accugrade coins in the 90s and on which was a huge controversy into the 2000s. And PNG kept him on until recently which shows how lax they are in enforcing their ethical code. https://pngdealers.org/code-of-ethics/

  • au58au58 Posts: 1,288 ✭✭✭

    There is no such thing as a victimless crime.
    At a minimum, it is a burden on both the legal system and the prison system, and thus the taxpayer, i.e., us.
    And who knows if the bills were paid.
    The credit card companies charge the fees that they do to cover those losses.
    In turn, retailers establish prices to cover those fees.
    Anyone who uses a credit card in a retail transaction is therefore paying the fees (and covering all the other losses).
    And if you own stock in a credit card company whether directly or via a mutual fund, the value is depressed due to negative earnings impact.
    What Dominick was doing was illegal and wrong.
    As I said before, there is no such thing as a victimless crime.

  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @au58 said:
    There is no such thing as a victimless crime.
    At a minimum, it is a burden on both the legal system and the prison system, and thus the taxpayer, i.e., us.
    And who knows if the bills were paid.
    The credit card companies charge the fees that they do to cover those losses.
    In turn, retailers establish prices to cover those fees.
    Anyone who uses a credit card in a retail transaction is therefore paying the fees (and covering all the other losses).
    And if you own stock in a credit card company whether directly or via a mutual fund, the value is depressed due to negative earnings impact.
    What Dominick was doing was illegal and wrong.
    As I said before, there is no such thing as a victimless crime.

    Certainly, IF the credit card companies were defrauded, they and their shareholders are victims. But like I said before, I would be very surprised if the credit card bills were not in fact paid.

    As for arguing that "There is no such thing as a victimless crime" because prosecuting the criminal "is a burden on both the legal system and the prison system, and thus the taxpayer", I call "BS". Not because the burden on the taxpayer is not real, but because the burden was created by the lawmakers, not by the criminal. Others with a blind faith in our lawmakers and "the system" may disagree, but I feel strongly about this.

    I do think the question of "who is the victim" is an interesting one, and I addressed it in earlier posts. If you don't want to reread my earlier comments, let it suffice to say that I think that other flippers were the primary victims, because they got crowded out of a (prohibited) trade. Call me unsympathetic, but I don't care about that. Every one of those wannabe flippers would have gladly crowded others out of the trade if they had the chance.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • au58au58 Posts: 1,288 ✭✭✭

    As for arguing that "There is no such thing as a victimless crime" because prosecuting the criminal "is a burden on both the legal system and the prison system, and thus the taxpayer", I call "BS". Not because the burden on the taxpayer is not real, but because the burden was created by the lawmakers, not by the criminal.

    Imagine that. If there were no laws, there would be no crime.
    There's a novel concept.

  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    https://en.wikipedia.org/wiki/Malum_prohibitum

    I would agree that it is best to obey the law inasmuch as possible, I try to make those arguments as often as I can. It may come down to intent or motive. Gaming the system that mocks the laws is pretty deceitful.

  • derrybderryb Posts: 36,183 ✭✭✭✭✭
    edited October 24, 2017 8:02PM

    @logger7 said:
    https://en.wikipedia.org/wiki/Malum_prohibitum

    Gaming the system that mocks the laws is pretty deceitful.

    Reminds me of the civil asset forfeiture program that is generating millions for law enforcement agencies with no criminal charges ever being filed.

    Keep an open mind, or get financially repressed -Zoltan Pozsar

  • EagleEyeEagleEye Posts: 7,676 ✭✭✭✭✭

    The initial report was this:

    "A former Old Tappan resident admitted Tuesday to evading taxes on more than $400,000 in income four years ago, according to the office of U.S. Attorney Paul J. Fishman.

    William Dominick, 68, who currently lives in Collier County, Florida, pleaded guilty to tax evasion and identify theft in federal court in Trenton.

    Dominick didn't report $400,000 in income on his IRS 1040 form that was earned by Westwood Rare Coin, a business he owned and ran out of his home, according to the U. S. Attorney's office, citing court documents and statements.

    He used other peoples' identities to open credit cards to buy bulk quantities from the U.S. Mint and later sold the coins, keeping the proceeds, authorities said. But, he didn't include those earnings on his tax return in 2013, according to federal prosecutors.

    As part of Dominick's plea agreement, he will file amended returns and pay full restitution from 2010 through 2014.

    Identity theft has a maximum penalty of 15 years in prison and tax evasion has a maximum penalty of five years in prison. Both carry a fine of up to $250,000.

    He is scheduled to be sentenced on May 23."

    Tax evasion for the purported "King of Cash!" How is this shocking anyone? People talk all the time about legally trying to limit their tax liability. You run into trouble when you cross that "legal" line. Using other people's identities to skirt the household limit when buying from the Mint? That is also something I hear of all the time. I did not know it was illegal either. The article says he used the proceeds. It intones that he stole some money here. That's not what it actually says though.

    The update says the following:

    "A coin dealer will spend 15 months in prison for cheating the government by not paying taxes on $400,000 in income.

    William Dominick, 69, formerly of Old Tappan, is also required to pay restitution on the income he failed to report between 2010 and 2014.

    A federal judge sitting in Trenton handed down the sentence on Friday.

    Dominick, who ran Westwood Rare Coin out of his home, tried to corner the market by buying coins in bulk from the U.S. Mint with credit cards he opened by stealing people's identities.

    He then sold the coins and failed to report the income to the IRS.

    Dominick, who later moved to Collier County, Florida was also fined $10,000 and will be subject to supervised release for three years after his prison stint ends. He pleaded guilty to tax evasion and identity theft on Feb. 14."

    So, before we kick Mr. Dominick about this, lets see what he actually did. He corralled multiple credit card owners to buy coins from the mint for him to skirt the household limit. He paid their purchase price back, since it does not say he stole from them. This is what a good lawyer (for the prosecution) calls "stealing people's identities."

    It looks like the real crime is tax evasion on $400,000. He has to pay the full amount owed, plus penalties and $10,000. The jail time seems onerous for such a crime. A good lawyer, costing another $100,000, will likely get him off that.

    Like, Mr. Eureka, I've known Bill for 30 years. I think that many part-time dealers (most collectors) have tried to boost their purchases from the mint using friends as shills. This should be seen by all as a warning that if a good lawyer gets their teeth into you, you could be in big trouble for doing this. They may even use this case as a precedent.

    Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
  • MrEurekaMrEureka Posts: 23,930 ✭✭✭✭✭

    @EagleEye said:

    It looks like the real crime is tax evasion on $400,000. He has to pay the full amount owed, plus penalties and $10,000. The jail time seems onerous for such a crime. A good lawyer, costing another $100,000, will likely get him off that.

    My understanding is that this was a plea bargain. If so, end of story.

    And to be fair to the government, as ridiculous as the identity theft charge sounds (to me, at least), it may just have been a convenient way to net a sentence which the prosecutor deemed reasonable.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • RichieURichRichieURich Posts: 8,369 ✭✭✭✭✭
    edited October 24, 2017 10:34PM

    2013 - - can't figure out which program that was. Last big profit programs were 2011 5-piece silver eagles, and 2014 Kennedy golds.

    And it sounds like the identity theft charges were because he apparently created false credit card identities without telling the people whose identities were used. After all, if he had just gotten people to buy the product and then sell it to him, he would have had to give them some money, not everyone would have sold to him, etc. I doubt that asking someone else to buy a product and then sell it to you would be considered to be identity theft - - after all, in that situation, whose identity would have been stolen?

    Edit to add, the post two above this one states that he purchased "with credit cards he opened by stealing people's identities". That is a LOT different than asking someone else to buy the product and then sell it to him.

    An authorized PCGS dealer, and a contributor to the Red Book.

  • TomBTomB Posts: 20,725 ✭✭✭✭✭

    I don't know. I think the folks who have known BD for many years might be acting a little too apologetic given how much grey there is to this story.

    The US Department of Justice, on the United States Attorney's Office District of New Jersey page, states his scheme used "other people's identities to open credit cards to purchase..." and that statement doesn't infer that some friends shilled the US Mint to buy coins on his behalf. You can read that here. Additionally, the State of New Jersey Department of Law and Public Safety Office of the Attorney General defines identity theft as using someone else's information without their permission to commit fraud or other crimes. That can be read here. Lastly, BD agreed to a plea deal and I would imagine he was fully aware of what he was agreeing to when he put his name on that legal document.

    In my opinion, stating you have known someone for x number of years doesn't really amount to a hill of beans when one is discussing activities that are necessarily kept hidden.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • mt_mslamt_msla Posts: 815 ✭✭✭✭

    Galatians 6:7 Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.

    Read the King James Bible every day.

    http://www.kjvdaily.com

    Insert witicism here. [ xxx ]

  • au58au58 Posts: 1,288 ✭✭✭

    And even if the credit card bills were paid, the additional credit line associated with another card can negatively impact individual credit ratings, JUST because it is available. Tell the "victimless" victims of identity theft who experienced the downside of that to shake it off.

  • EagleEyeEagleEye Posts: 7,676 ✭✭✭✭✭

    @TomB said:
    I don't know. I think the folks who have known BD for many years might be acting a little too apologetic given how much grey there is to this story.

    In my opinion, stating you have known someone for x number of years doesn't really amount to a hill of beans when one is discussing activities that are necessarily kept hidden.

    I don't think I was being apologetic to Dominick, but I think the reporting needed to be dissected a little bit. I needed to point out that I know him, since if I didn't some would point that out and then I would be accused of hiding a private agenda. I have no agenda.

    Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
  • derrybderryb Posts: 36,183 ✭✭✭✭✭

    do not forget he had to open US Mint accounts in other people's names including credit card info. Isn't this identity theft? Paying the credit card bill only removes the theft aspect.

    Keep an open mind, or get financially repressed -Zoltan Pozsar

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