FBI: Former New Jersey Coin Dealer Admits Identity Theft, Income Tax Evasion

By Federal Bureau of Investigation ....
 

[UPDATE, 3/5/2017: The Professional Numismatists Guild (PNG) issued the following statement on March 2 in reference to this case. --CoinWeek]

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.

* * *

A former resident of Old Tappan, New Jersey, today [Feb. 17 --CW] admitted evading personal income taxes on more than $400,000 in income in 2013, U.S. Attorney Paul J. Fishman announced.

William Dominick, 68, of Collier County, Florida, pleaded guilty before U.S. District Judge Anne E. Thompson in Trenton federal court to an information charging him with one count of tax evasion and one count of identity theft.

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 USD 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.

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. Sentencing is scheduled for May 23, 2017.

Under terms of his plea agreement, Dominick will file amended returns and make full restitution for years 2010 through 2014.

U.S. Attorney Fishman 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 Postal Inspector in Charge James V. Buthorn, with the investigation leading to today’s guilty plea.

The government is represented by Assistant U.S. Attorney Shana Chen of the Economic Crimes Unit in Newark.

Defense counsel: John Whipple Esq., Morristown, New Jersey
 

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