CT: Newington gun store worker stole more than $2 million from business

[sbhaven]

Was an employee of Hoffman Guns.

Newington gun store worker stole more than $2 million from business, officials say

 

[Coda]

I am surprised that Hoffman's didn't notice $2 million missing from their safe??? It was over a 10 year span but still it was the bank that finally figured out something was going on??? Even if he was the IT guy AND bookkeeper (unlikely) someone should of noticed that kind of $$$ disappearing.

I bought a few guns there but never really cared for the place. Maybe it was just they guys I happened to deal with but there was a certain arrogance I felt.

 

[Marty McFly]

It happens all the time. Honestly I'm not sure if I would notice that over 10 years if one of my office staff hid it well

 

[CrackPot]

Bobzin has agreed to pay restitution of $2,062,580, the U.S. attorney's office said, adding he will also cooperate with the IRS to pay $436,178 in taxes, as well as penalties and interest. It said he is released on a $50,000 bond pending sentencing.

Interesting. Even when he fully pays restitution to Hoffmans, he still owes taxes on the money he took and then returned. Seems like an interesting double hit (not that he does not deserve it). But I find still owing taxes to the IRS questionable here if he pays back Hoffmans.

 

[pastera]

Interesting. Even when he fully pays restitution to Hoffmans, he still owes taxes on the money he took and then returned. Seems like an interesting double hit (not that he does not deserve it). But I find still owing taxes to the IRS questionable here if he pays back Hoffmans.

He's not paying back 100% of the funds taken within the statute of limitations therefore the difference is income and taxable.

Edit: read instead of skimmed the article - yeah the taxes are BS

 

[CrackPot]

He's not paying back 100% of the funds taken within the statute of limitations therefore the difference is income and taxable.

And where is that information in the article? To owe 436K in taxes he would have had to essentially take another 2M outside the statute of limitations. That makes zero sense and is inconsistent with the information in the article.

he made 287 cash deposits totaling $1,901,250 and $161,330 in cashier's checks into his bank accounts

Bobzin has agreed to pay restitution of $2,062,580, the U.S. attorney's office said, adding he will also cooperate with the IRS to pay $436,178 in taxes, as well as penalties and interest. It said he is released on a $50,000 bond pending sentencing.

For those without a calculator 1901250 + 161330 = 2062580 so he agreed to pay in restitution everything he took and deposited into his accounts

 

[pastera]

And where is that information in the article? To owe 436K in taxes he would have had to essentially take another 2M outside the statute of limitations. That makes zero sense and is inconsistent with the information in the article.




For those without a calculator 1901250 + 161330 = 2062580 so he agreed to pay in restitution everything he took and deposited into his accounts

Went back and edited my post after fully reading the article - I thought that he was paying back a portion of the theft but he is paying back the entire amount.
Tax likely could be due on the interest that would be expected to accrue since he did gain from the use of the money.
But since he isn't retaining any of the base amount he shouldn't be taxed on that

 

[milktree]

This smells like maybe Mr. Bobzin is taking the fall for the shop who maybe had some extra-legal income.

How the hell could he steal over $16k in cash every month for 10 years and nobody at the store noticed? $200k a year in cash and the owner and no other employees noticed that the income and deposits were different by $4k a week?

Sure would be funny if he managed to pay back the $2M surprisingly fast. That would be a pretty awesome money laundering scheme. (other than the federal charges)

 

[Reptile]

The IRS is out there and wants their cut.

Their website says that drug dealers, pimps, burglars, and shoplifters all need to pay taxes on what they stole.

 

[citoriguy]

Interesting. Even when he fully pays restitution to Hoffmans, he still owes taxes on the money he took and then returned. Seems like an interesting double hit (not that he does not deserve it). But I find still owing taxes to the IRS questionable here if he pays back Hoffmans.

It’s not. Income is, per the IRS (paraphrased), is any accretion of wealth unless we tell you otherwise. Meaning non-profit income, unrealized gains on investments, income from certain US Government bonds, etc.

This assface had an accretion of wealth that he didn’t report. Al Capone and others have been caught under the same principle.

 

[Hustler One]

Couldnt have happened more to a place that can't get right. f*** Hoffmans and their terrible security and arrogant employees. If I wouldnt get shot to shit, Id pistol whip most of the dudes that work there for giving me an attitude.

 

[drgrant]

Lol so nobody knew the drops were short? Not exactly a smart operation. Either that or they don't have a good POS system or something. Or the guy was literally modifying the counts so it all matched.

 

[WanMan99]

It happens all the time. Honestly I'm not sure if I would notice that over 10 years if one of my office staff hid it well

You hiring??

 

[mu2bdriver]

Mr. Hoffman and his dad always ran a loose operation because they had a lot of other businesses they were running concurrently with the gun shop. This is not a surprising development.

 

[MGnoob]

This happens in businesses other than firearms all you gotta do is trust one person eventually it’s always figure it out. You’dthink when your business is in the red you’ll look into it yourself probably not hard to figure out.

 

[Bodhisattva]

Kinda hard to notice something like this when you’re zooted out of your mind on the devils dandruff

 

[Dennis in MA]

I am surprised that Hoffman's didn't notice $2 million missing from their safe??? It was over a 10 year span but still it was the bank that finally figured out something was going on??? Even if he was the IT guy AND bookkeeper (unlikely) someone should of noticed that kind of $$$ disappearing.

I bought a few guns there but never really cared for the place. Maybe it was just they guys I happened to deal with but there was a certain arrogance I felt.

$17,000 of theft a month, every month for 120 months. How bad of a business owner do you need to be?

And I have a further question: Is that wholesale or retail??? Because if he stole a gun that cost $249 that would retail for $399, I'm assuming he stole $249. But that isn't always the case.

It's like 35 Glocks a month. For 10 years. No one noticed.

 

[Drix]

Isn't this similar to what happened to powderhorn?

 

[Admin]

From 2016 to 2022, the U.S. attorney's office said Bobzin failed to report the money on his federal tax returns, resulting in a loss to the IRS of $436,178. It said one example of his tax avoidance was in the 2020 tax year, when he reported just under $10,000 in taxable income and owed nothing, but did not report the $432,615 he had stolen that year — meaning he dodged $110,530 in taxes.

You can't out steal the IRS. They pissed he stole the money and didnt give them a cut.

 

[drgrant]

$17,000 of theft a month, every month for 120 months. How bad of a business owner do you need to be?

And I have a further question: Is that wholesale or retail??? Because if he stole a gun that cost $249 that would retail for $399, I'm assuming he stole $249. But that isn't always the case.

It's like 35 Glocks a month. For 10 years. No one noticed.

It does help that it's probably the highest or one of the highest gross revenue shops in CT, but it's still pretty crazy that it pissed that much cash out the side and nobody noticed. My guess is they don't have a tight POS/inventory system and something that makes it easy to tie objects to money.

 

[Dennis in MA]

BUUUUUUTTTTTT. . . . . if he doctored the books to show INCOME to the gun shop (converse of what I said above) during that time, the IRS may have received MORE money (in the higher bracket of the owners) than they would have seen normally.

Either way, with the IRS, you're F'd. For instance, let's say your employer decides to take your tax withholding to the track and loses it all. You file your taxes the next April and a red-flag goes up. They don't have all of YOUR money. Your boss stole it. From you.

While the boss is in big trouble with the IRS, so are you. YOU are liable for that $. Don't have it? Well you should. The boss stole it? Not our problem.

What a country.

 

[CATI]

EDIT. I was able to read it
He doesn't have the money to pay he, he just agreed to pay it.
He will be paying until he dies