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New Mexico Jeweler Pleads Guilty to Tax Evasion
David Castle, of Albuquerque-based Gold and Silver Exchange, faces up to five years in prison.
Albuquerque, N.M.—The owner of a New Mexico jewelry shop faces up to five years in prison after pleading guilty to tax evasion.
According to the U.S. Attorney’s Office for the District of New Mexico, David Castle, owner and operator of the Albuquerque-based Gold and Silver Exchange, was indicted in February 2018 for tax evasion and obstructing the administration of the internal revenue laws.
The first count of the indictment charged Castle with perpetuating a scheme to “evade and defeat the assessment and payment of taxes” to the United States between December 2004 and January 2018.
The second count alleged that Castle avoided paying federal taxes for several years. Prosecutors allege the jeweler did this by concealing the nature and location of his business revenue from the IRS; placing funds in bank accounts belonging to “nominee businesses;” using cash to hide the business’ revenue; and failing to file personal and business income tax returns, or by filing false or “frivolous” tax returns.
On May 3, Castle pleaded guilty to the second count of the indictment, the U.S. Attorney’s Office said.
In the plea agreement, Castle admitted that he filed no tax returns for his business from 2010 to 2013, and provided no tax withholdings to the IRS and paid no taxes for either his business or his household during that time.
He also acknowledged using unreported cash transactions to operate his jewelry store and opening unassociated bank accounts to conceal revenue.
According to the plea, Castle’s actions resulted in a tax loss of $211,829 from 2010 through 2013.
He faces a maximum penalty of five years in prison plus a term of supervised release, a maximum fine of $250,000 and could be ordered to pay restitution.
A sentencing date has yet to be scheduled.
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