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Ex-Old Tappan Coin Dealer Admits Pocketing Tax-Free $400,000

Martin Luther King Jr. federal courthouse, Newark
Martin Luther King Jr. federal courthouse, Newark Photo Credit: CLIFFVIEW PILOT

OLD TAPPAN, N.J. -- A former Old Tappan con dealer admitted in federal court on Tuesday that he pocketed $400,000 in income that he hid from the IRS after cornering the market with coins he bought using other people’s identities.

A U.S. District Court judge in Trenton scheduled sentencing for 68-year-old William Dominick – now of Collier County, Florida -- for May 23 after accepting a guilty plea to single counts of tax evasion and identity theft as part of a deal with federal prosecutors.

Dominick owned and operated Westwood Rare Coin out of his home in Old Tappan.

In 2013, he failed to report the $400,000 in income, which he said he accumulated 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” and then “selling those coins through his business,” U.S. Attorney Paul J. Fishman said.

Dominick “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,” Fishman said.

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

Fishman credited special agents of the FBI and IRS-Criminal Investigation, as well as inspectors with the U.S. Postal Inspection Service, for the plea, secured by Assistant U.S. Attorney Shana Chen of his Economic Crimes Unit in Newark.

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