US Coins

Former coin dealer gets federal prison time for fraud

Former coin dealer William Dominick was sentenced to federal prison for income tax evasion and fraud involving the bulk purchase and sale of U.S. Mint products.

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. 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.

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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 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.

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.

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