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Evitzee
·This civil lawsuit is the least of CD Peacock's problems. Even raising the ire of Rolex or Patek Philippe is not their biggest problem. Their biggest problem is the IRS, an entity that has extraordinary power to investigate and cripple a business and personal citizens. If the allegations prove true then you can probably assume these sorts of practices also occur in their traditional lines of jewelry and precious stones, it's an endemic way of doing business with this firm. Bottom line, Peacock probably generates a lot more income then they report on their corporate state and federal income tax returns. That's a juicy bone the IRS thrives on.
In the mid-90's there was the case of Francis X. Vitale of Spring Lake, NJ who was the largest fine antique clock dealer in the US (Vitale & Vitale). He had a purpose built gallery in Spring Lake stocked with ultra rare clocks by Breguet, Janvier, Jump and other top European makers, many in the $400,000+ range. I've got five clocks that I bought from him, he was the classic 'nice guy', he really was passionate about antique European clocks. The problem was he built the business by embezzling $12.5 million from his employer over eight years or so through fake invoices which he was allowed to approve. One snuck through when he was away and his boss confronted him and the whole show came tumbling down. The company was insured for the loss and they did not want to prosecute, but the IRS did. They nailed him on wire fraud and tax evasion, he never declared the money and evaded the tax due. I think he went to prison for 2+ years and made restitution by selling all the clocks at auction which recouped most of the money which went back to his ex-employer. The IRS will be all over this company going through their past tax situations looking for evasion.
In the mid-90's there was the case of Francis X. Vitale of Spring Lake, NJ who was the largest fine antique clock dealer in the US (Vitale & Vitale). He had a purpose built gallery in Spring Lake stocked with ultra rare clocks by Breguet, Janvier, Jump and other top European makers, many in the $400,000+ range. I've got five clocks that I bought from him, he was the classic 'nice guy', he really was passionate about antique European clocks. The problem was he built the business by embezzling $12.5 million from his employer over eight years or so through fake invoices which he was allowed to approve. One snuck through when he was away and his boss confronted him and the whole show came tumbling down. The company was insured for the loss and they did not want to prosecute, but the IRS did. They nailed him on wire fraud and tax evasion, he never declared the money and evaded the tax due. I think he went to prison for 2+ years and made restitution by selling all the clocks at auction which recouped most of the money which went back to his ex-employer. The IRS will be all over this company going through their past tax situations looking for evasion.
