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: Wisconsin Salesperson Uses Life Savings to Live Her Dream of Jewelry Store Ownership
JimmyCast

Podcast: Wisconsin Salesperson Uses Life Savings to Live Her Dream of Jewelry Store Ownership

Podcast: Making the World a Better Place in Steps Both Big and Small
Over the Counter

Podcast: Making the World a Better Place in Steps Both Big and Small

Podcast: From Tanzanite to Greenland Ruby, Hayley Henning Loves Selling Color
The Barb Wire

Podcast: From Tanzanite to Greenland Ruby, Hayley Henning Loves Selling Color

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 80 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

When It’s Time for Something New, Call Wilkerson

Fifty-four years is a long time to stay in one place. So, when Cindy Skatell-Dacus, owner of Skatell’s Custom Jewelers in Greenville, SC decided to move on to life’s next adventure, she called Wilkerson. “I’d seen their ads in the trade magazines for years,’ she says, before hiring them to run her store’s GOB sale. It was such a great experience, Skatell-Dacus says it didn’t even seem like a sale was taking place. Does she have some advice for others thinking of a liquidation or GOB sale? Three words, she says: “Wilkerson. Wilkerson. Wilkerson.”

Promoted Headlines

Headlines

Failed Fashion Jewelry Chain Is Coming Back

It will operate primarily as an online brand.

mm

Published

on

Jewelry and accessories retailer Charming Charlie may have gone bankrupt and closed its 261 stores, but you can expect to see the brand resurface in coming months.

Charlie Chanaratsopon, founder of the company, is acquiring its trademarks, internet properties and other intellectual property for about $1.23 million, the Houston Chronicle reports. He was approved to buy the assets following a bankruptcy auction.

He plans to revive Charming Charlie as primarily an online brand. It will have only a few permanent brick-and-mortar stores, which will open early next year.

The company’s main advantage is its 10-million-strong customer base, said Chanaratsopon, former CEO of Charming Charlie.

Advertisement

“In this age of retail, we still see an opportunity for the brand to thrive in the online ecosystem,” he said, according to the Chronicle.

The company said in July that it was closing all of its stores in connection with its Chapter 11 bankruptcy filed July 11.

Read more at the the Houston Chronicle

Continue Reading

Headlines

Online Jewelry Brand Raises $6.2M in Funding

Ross-Simons has taken a majority stake.

mm

Published

on

CRANSTON, RI — Luca + Danni Inc., a online jewelry brand based in Rhode Island, has closed on $6.2 million in funding, with Ross-Simons Inc. becaming the majority investor in the deal.

PJC, a Boston-based VC Fund and early investor in Luca + Danni, will retain a stake in the company.

The investments “create a powerful partnership between an iconic jewelry company and three-year-old digital brand,” according to a Luca + Danni press release.

Fred Magnanimi, founder of Luca + Danni, will remain as CEO and board member.

“I started this brand to honor my family’s 50+ year heritage in US made handcrafted jewelry and help others embrace the journey of life as I learned to do after losing my brother to leukemia,” said Magnanimi. “With the amazing resources and strategic support of Ross-Simons and PJC, I am confident we will help millions embrace their own journey and continue to build our community.”

Ross-Simons, also based in Rhode Island, has a long history in retail and direct-to-consumer jewelry sales.

“Luca + Danni is a digitally native brand rapidly taking market share in the jewelry space,” said Jim Speltz, president of Ross-Simons. “Our resources, product expertise, and go-to-market experience matched with Luca + Danni’s powerful brand will foster meaningful growth in the evolving e-commerce world.”

Continue Reading

Headlines

She Woke Up Without Her Engagement Ring. Guess Where Doctors Found It …

It all started with a dream. (Story with video.)

mm

Published

on

A San Diego woman woke up without her engagement ring, and she immediately remembered a dream she’d had the night before.

One where she’d swallowed her engagement ring.

Jenna Evans immediately told her fiance, Bob Howell, and they headed to urgent care. She told the story in a Facebook post that has gone viral, garnering 62,000 shares as of Sept. 16.

She ended up seeing a gastroenterologist, who performed an upper endoscopy.

“Everything went great, they found my ring just beyond my stomach in my intestines, retrieved it and gave it to Bobby, not me,” she wrote.

She also divulged a bit about the dream that got her into the predicament.

“I was having a dream that Bobby and I were in a very sketchy situation involving a high speed train and bad guys (I have very exciting and vivid dreams) and he told me I had to swallow my ring to protect it; so I popped that sucker off, put it in my mouth and swallowed it with a glass of water riiiight about the time I realized what I was doing,” she explained. “I assumed this too was a dream, because WHO ACTUALLY SWALLOWS THEIR ENGAGEMENT RING, so I went back to sleep.”

The ring was made by Simone Jewelry Designs in Houston. CBS8 reports that it includes a 2.4 carat diamond.

Watch a news video about the incident:

Continue Reading

Most Popular