Adam C. Shryock, Willful Tax Evasion, Colorado 2016

Adam C. Shryock, 37, of Castle Rock, Colorado, has pleaded guilty 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, and is scheduled to be sentenced by Magistrate Judge Michael J. Watanabe on June 27, 2017.

The promotional campaign ‘Boobies Rock Awareness for Breast Cancer’ was created by Shryock 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.

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