The U.S. Attorney's Office in Trenton, N.J.,
issued the following news release Oct. 20 involving former coin
dealer William Dominick:
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.
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.
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According to documents filed in this case and statements made in court:
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
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.
Acting U.S. Attorney Fitzpatrick credited 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 Acting Inspector in
Charge Joseph W. Cronin, with the investigation leading to today’s sentencing.
The government is represented by Assistant U.S. Attorney Shana Chen
of the Economic Crimes Unit in Newark.