Connect with us

Headlines

Jewelry Store Owner Admits to Tax Evasion

He faces up to 5 years in prison.

mm

Published

on

ALBUQUERQUE – A jewelry store owner in Albuquerque, NM, has pleaded guilty to a tax evasion charge.

David Castle, 76, owner and operator of the Gold and Silver Exchange, was indicted in February 2018 and  charged with obstructing the administration of the internal revenue laws and tax evasion.

Podcast: Against the Odds, a High School Student Fights to Keep the Family Jewelry Store Alive
Over the Counter

Podcast: Against the Odds, a High School Student Fights to Keep the Family Jewelry Store Alive

Podcast Bonus Episode: Andrea Hill Shares Survival Strategies for Jewelers Facing Daunting Challenges
Over the Counter

Podcast Bonus Episode: Andrea Hill Shares Survival Strategies for Jewelers Facing Daunting Challenges

Podcast: Would Your Customer Drive Hundreds of Miles for a Lab-Created Diamond?
JimmyCast

Podcast: Would Your Customer Drive Hundreds of Miles for a Lab-Created Diamond?

At sentencing, Castle faces a maximum penalty of five years of imprisonment, a term of supervised release, a maximum fine of $250,000, and restitution. A sentencing date has yet to be scheduled.

Count 1 of the indictment charged Castle with perpetuating a scheme to evade and defeat the assessment and payment of taxes to the U.S. from December 2004 through January 2018.

According to the indictment, Castle:

  • Used several nominee businesses to conduct GSE’s financial operations to hide income from the IRS.
  • Executed the scheme by using bank accounts belonging to the nominee businesses.
  • Concealed personal income and expenditures.
  • Engaged in cash transactions.
  • Employed and paid GSE personnel in cash that could not easily be connected to GSE’s business operations.
  • Deliberately failed to keep accurate business records reflecting GSE’s income and expenses.

Count 2 of the indictment alleged that from December 2008 through December 2017, Castle attempted to evade federal taxes for the years 1992-93, 1995-2002, 2005, and 2006 in the amount of $104,446.81. Castle is alleged to have committed this crime by:

Advertisement
  • Concealing from the IRS the nature and location of his business revenue.
  • Placing funds in bank accounts belonging to nominee businesses.
  • Emphasizing cash operations in order to place the revenue beyond the reach of the legal process.
  • Failing to file personal and business income tax returns or by filing false or frivolous tax returns.

On Friday, Castle pleaded guilty to Count 2. In his plea agreement, Castle admitted that from 2010 through 2013, while he was the sole owner and operator of GSE, he filed no tax returns for his business, his business provided no tax withholdings to the IRS, and he paid no taxes either for his business or his household.

Castle acknowledged relying on cash transactions to operate GSE, and using bank accounts that appeared to be unassociated with GSE to conceal the business’s revenue. Castle agreed that his criminal conduct resulted in a tax loss of $211,829 during tax years 2010 through 2013.

Over the years, INSTORE has won 76 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Aging Inventory Sale? There’s a Science to Maximizing Results

Craig Husar, president of Lyle Husar Designs of Milwaukee, WI, has tried to organize sales of his aging inventory before he let Wilkerson do one for him. “If it had been up to me, I probably would have used the same methods I’ve always used and I would have gotten the same results I’ve always been disappointed with,” he says. After Wilkerson, there’s no going back. “Everything Wilkerson brought to the table just elevated this event higher than anything I’ve ever experienced before.”

Promoted Headlines

Headlines

Burglars Are Cutting Jewelry Stores’ Power Lines to Disable Alarms

It’s happened more than 30 times across the country.

mm

Published

on

The Jewelers’ Security Alliance reports that there’s been a nationwide pattern of burglars cutting jewelry stores’ power lines in order to disable alarm systems.

On April 17, JSA issued a crime alert on the burglary of a Laguna Niguel, CA, jewelry store in which the power lines were cut. Burglars came through the roof, cut into a safe and took a large amount of merchandise.

Video: 3 Millennial Couples Reveal Their True Thoughts On Lab-Grown Diamonds
Headlines

Video: 3 Millennial Couples Reveal Their True Thoughts On Lab-Grown Diamonds

Video: How to Turn Prospects Into Paying Jewelry Customers
Jim Ackerman

Video: How to Turn Prospects Into Paying Jewelry Customers

Video: Gene the Jeweler Explains How to Fire People
Gene the Jeweler

Video: Gene the Jeweler Explains How to Fire People

JSA has now received reports of over 30 cases in which burglars have cut the power lines. It’s happened in Florida, Colorado, California, Indiana, Idaho, Illinois and Utah, as well as in Canada.

The burglars cut the power lines soon after a store has closed for the night, then wait nearby to see the response by the owner or police, according to JSA.

The burglars have not carried out safe burglaries at all of the stores.

Advertisement

“After cutting the wires, the burglars watch and wait,” JSA stated. “If the burglars feel safe after having witnessed the owner or police response or lack of response to the cut wires, they will break into the store, often by cutting through the roof or sidewall.

“They will then attack the safe, usually cutting into it, and sometimes torching it.”

Continue Reading

Headlines

Jewelry Chain Looks to Build $13M Headquarters

It will employ about 100 people.

mm

Published

on

James Avery, a Texas-based manufacturer that operates 88 stores, is looking to open a second headquarters at a cost of $13 million.

The facility would be located in Cedar Park, TX, KXAN-TV and the Austin Business Journal report.

James Avery Craftsman Inc. is seeking more than $500,000 in economic incentives for the project.

As part of the agreement, the headquarters would need to have a payroll of about $4.9 million by 2025. It would also need to consist of at least 35,000 square feet.

Advertisement

The Business Journal reports that the facility would have more than 100 employees.

Kerrville-based James Avery, known in part for its Christian-themed jewelry, is particularly popular in its home state of Texas, where it operates 80 stores.

Read more at KXAN-TV

Continue Reading

Headlines

Video: 3 Millennial Couples Reveal Their True Thoughts On Lab-Grown Diamonds

MVI Marketing has released a new video.

mm

Published

on

MVI Marketing has released a new video in which three millennial couples reveal what they think about lab-grown diamonds.

The couples interviewed by MV Eye are all actively shopping for engagement rings.

In the video, which is under three minutes long, they’re asked about topics such as their budget, their shopping preferences and their views on lab-grown diamonds.

Watch the video:


Continue Reading

Most Popular