Acting U.S. Attorney William E. Fitzpatrick announced Friday the former owner of Westwood Rate Coin was sentenced to 15 months in prison for evading income taxes on approximately $400,000 in income in 2013.
Sixty-nine-year-old William Dominick of Collier County, Florida owned and operated Westwood Rate Coin in Old Tappan. He failed to report $400,000 in income earned during the calendar year 2013. He avoided detection by utilizing credit cards in other people’s names, according to court documents.
Dominick opened credit cards utilizing several people’s personal information. He utilized those credit cards to purchase bulk quantities of coins from U.S. Mint. When he sold those coins, he utilized the proceeds for his personal use, failing to include the proceeds on his tax return.
In addition to the 15-month prison sentence, Dominick was ordered to pay a $10,000 fine and file amended tax returns and make full restitution for years 2010 through 2014.