DENVER – Adam C. Shryock, age 37, of Castle Rock, Colorado, was sentenced by U.S. District Court Magistrate Judge Michael J. Watanabe on January 25, 2018 to serve 12 months in prison followed by one year of supervised release for willful failure to file a tax return, announced U.S. Attorney Bob Troyer and IRS Criminal Investigation Special Agent in Charge Steven Osborne. Shryock, who pled guilty on April 4, 2017, was also ordered to pay restitution of $430,970 to the Internal Revenue Service.
According to 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 over $2.4 million in income, Shryock earned operating Boobies Rock and other businesses 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.
“Schemes to conceal and insulate wealth in order to evade income tax, such as those utilized by Shryock do not ‘rock.’ They are unfair to every taxpayer who obeys the law and pays his/her fair share. The public should know that IRS CI will do everything we can to hold individuals accountable ensuring that our tax system is fair to everyone,” Steven Osborne, Special Agent in Charge, IRS-Criminal Investigation, Denver Field Office said.
This case was investigated by Internal Revenue Service – Criminal Investigation. This case was prosecuted by Assistant U.S. Attorney Martha Paluch.