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Former coin dealer gets federal jail time for income tax invasion

GluggoGluggo Posts: 3,566 ✭✭✭✭✭
edited November 2, 2017 8:39PM in U.S. Coin Forum

How the heck can 1 man corner the coin market?
Looks like you don't mess around but this guy bought from the Mint and tried to corner the market. Fraud scheme involves bulk purchases of U.S. Mint products
Anybody here know William Dominick, 69, of Collier County, Florida?

The U.S. Attorney's Office in Trenton, N.J., issued the following news release Oct. 20 involving former coin dealer William Dominick:

Dominick owned and operated Westwood Rare Coin out of his home in Old Tappan. He was required to include income earned by Westwood Rare Coin on his individual IRS 1040 form. During calendar year 2013, Dominick failed to report $400,000 in income earned by Westwood Rare Coin. He did this by using other people’s identities to open credit cards to purchase bulk quantities coins from the U.S. Mint in order to corner the market. Dominick then sold those coins through his business, retained the proceeds for his personal use, and failed to include the proceeds on the tax return that he signed and filed with the IRS.

In addition to the prison term, Judge Thompson sentenced Dominick to three years of supervised release and fined him $10,000.

Under terms of his plea agreement, Dominick will file amended returns and make full restitution for years 2010 through 2014.
A former resident of Old Tappan, New Jersey, was sentenced today to 15 months in prison for evading personal income taxes on more than $400,000 in income in 2013, Acting U.S. Attorney William E. Fitzpatrick announced.

William Dominick, 69, of Collier County, Florida, previously pleaded guilty before U.S. District Judge Anne E. Thompson to an information charging him with one count of tax evasion and one count of identity theft. Judge Thompson imposed the sentence today in Trenton federal court.

Comments

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    3keepSECRETif2rDEAD3keepSECRETif2rDEAD Posts: 4,285 ✭✭✭✭✭

    Crazy...but somebody else here already cornered that story and posted it last week ;)

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    RonyahskiRonyahski Posts: 3,116 ✭✭✭✭✭

    I've come to learn first hand that you can't trust press releases that come from the U.S. Attorney's office any more than the you can trust the individuals that they finger in their releases. I have no idea what this guy did or didn't do, but don't believe what you read in US attorney news releases. They are very politically motivated.

    Some refer to overgraded slabs as Coffins. I like to think of them as Happy Coins.
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    Coin FinderCoin Finder Posts: 6,954 ✭✭✭✭✭

    Wow, crazy!!

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    Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭

    Yay !!! B)

    Timbuk3
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    rickoricko Posts: 98,724 ✭✭✭✭✭

    Interesting... I wonder how they caught on to his scheme... Cheers, RickO

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    shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    They probably found out about "friends and family" networks on a certain chat board and decided to follow the money. Oops! :)

    ANA-LM, NBS, EAC
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    1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭

    Tax 'invasion' is always bad :smile:

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

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    sellitstoresellitstore Posts: 2,494 ✭✭✭✭✭

    I used to set up at WESPNEX in White Plains, NY perpendicular to his table. We were both in the back corner, him back against the stage area and me on the adjacent corner. His wife often attended with him. This was perhaps 15-20 years ago.

    Didn't really know him.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
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    PTVETTERPTVETTER Posts: 5,882 ✭✭✭✭✭

    He also stole and used other peoples ID's to get around mint limits?

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


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    GluggoGluggo Posts: 3,566 ✭✭✭✭✭

    @PTVETTER said:
    He also stole and used other peoples ID's to get around mint limits?

    Now that is bad especially when you go to order and find out you already ordered!

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    bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭

    he seems to be from Florida well I am both stunned and amazed !!!!!

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    logger7logger7 Posts: 8,093 ✭✭✭✭✭

    I was warned that he had a knack for lawsuits like this one: https://www.leagle.com/decision/infdco20121220941

    So people cower in fear afraid to exercise their first amendment rights....It's different now.

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