A former New Jersey coin dealer pleaded guilty Feb. 14 in federal
court to avoiding taxes on more than $400,000 in income derived from
fraudulently obtaining credit cards to purchase bulk quantities of
coin products from the U.S. Mint to “corner the market,” according to a
press release from the U.S. Attorney’s Office.
The dealer, William Dominick, 68, formerly of Old Tappan, N.J., but
now residing in Collier County, Fla., pleaded guilty in Trenton before
U.S. District Judge Anne E. Thompson on one count each of tax evasion
and identity theft.
The count of identity theft to which Dominick pleaded guilty carries
a maximum potential penalty of 15 years in prison. The count of tax
evasion carries a maximum potential penalty of five years in prison.
Both counts also carry a fine of up to $250,000.
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Dominick’s sentencing is scheduled for May 23, 2017.
According to a news release issued from the office of U.S. Attorney
Paul J. Fishman, Dominick owned and operated Westwood Rare Coin out of
his home in Old Tappan. During calendar year 2013, Dominick failed to
report on his individual IRS 1040 form $400,000 in income earned by
Westwood Rare Coin as required by law. Dominick carried out the tax
evasion scheme by using other people’s identities to open credit cards
to purchase bulk quantities of coins from the U.S. Mint in an attempt
to corner the market, according to the news release.
“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,” according to
the news release.
Under terms of his plea agreement, Dominick will file amended
returns and make full restitution for years 2010 through 2014,
according to the news release.
Fishman credited several people with the investigation leading to
Dominick’s guilty plea: special agents of the FBI, under the direction
of special agent in charge Timothy Gallagher; special agents of
IRS-Criminal Investigation, under the direction of Special Agent in
Charge Jonathan D. Larsen; and inspectors of the U.S. Postal
Inspection Service, under the direction of Postal Inspector in Charge
James V. Buthorn.