OLD TAPPAN — A 68-year-old Florida man has admitted to lying on his taxes while running a business from his home, and failing to disclose hundreds of thousands of dollars in income.

William Dominick, 68, who now lives in Collier County, Florida pleaded guilty to one count of tax evasion, and one count of identity theft, according to Attorney General Paul J. Fishman.

As the owner of Westwood Rare Coin, Dominick did not report $400,000 in income in 2013, Fishman said. According to the attorney general, Dominick used the identities of other people to open credit cards that he then used to buy coins in bulk, in an effort to corner the market. He then sold those coins and kept the money for himself without declaring them on his taxes.

Dominick faces a maximum of 15 years in prison on the identity theft charge, and a maximum of five years in prison for the tax evasion.

Both charges carry a maximum fine of $250,000 with sentencing scheduled for May 23.

Fishman said as part of his sentence he will file amended tax returns and make full restitution for 2010 through 2014.

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Contact reporter Adam Hochron at 609-359-5326 or Adam.Hochron@townsquaremedia.com

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