Castle Rock Breast Cancer Charity Promoter Pleads Guilty to Failure to File a Tax Return
DENVER – Adam C. Shryock, age 37, of Castle Rock, Colorado, pled guilty before U.S. District Court Magistrate Judge Michael J. Watanabe to willful failure to file a tax return, announced acting United States Attorney Bob Troyer and IRS-Criminal Investigation Denver Field Office Special Agent in Charge Steven Osborne. Shryock was charged by Information in Denver, Colorado on October 6, 2016. Shryock is scheduled to be sentenced by Magistrate Judge Watanabe on June 27, 2017.
According to the facts in the information and plea agreement, Shryock created a promotional campaign “Boobies Rock Awareness for Breast Cancer” in February, 2011 and subsequently incorporated “Boobies Rock” in California in April, 2011 as its sole owner and operator. Between April, 2011 and June 2013, Boobies Rock!, operating as a for-profit business, held between 3,600 and 4,500 promotional events selling breast cancer awareness merchandise and accepting donations at bars and sporting events throughout the country.
The Boobies Rock merchandise consisted of t-shirts, hoodies, koozies and bracelets. Hiring managers and/or sales representatives accepted cash, checks, and credit card payments at the events. Shryock instructed the money received be deposited into bank accounts controlled by Shryock at two different banks. Proceeds were also mailed or hand delivered to Shryock’s Castle Rock residence.
During the years under investigation over 2,200 cash deposits totaling over $1.8 million were made into Shryock’s accounts. Shryock used some of these funds to support his lifestyle. Based on the income Shryock earned operating Boobies Rock between 2011 and 2013, along with income Shryock did not report in 2010 while residing in California, the amount of restitution owed to the IRS is $430,970.
Willful failure to file a federal income tax return carries a penalty of not more than one year in federal prison, and a fine of up to $100,000 per count.
This case was investigated by Internal Revenue Service – Criminal Investigation. The case is being prosecuted by Assistant United States Attorney Martha Paluch.