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According to TMZ.com, during a routine inspection by the Bureau of Alcohol, Tobacco and Firearms (ATF) in 2009, Red Jacket could not account for ten registered guns. In a settlement, William Hayden and Stephanie Hayden surrendered their gun-making licenses and were allowed to choose a licensed individual to control Red Jacket. Initially, that person was Vincent Buckles, but Buckles has left the company and now two other individuals control the company.
In a WBRZ article, Attorney Craig Davidson, Jr., said that 10 guns did not go missing from the shop. Instead, one or two guns were stolen during 2001–2008.
Davidson claimed the rest of the missing guns were receivers that were thrown away or destroyed when gunsmiths made mistakes. Although Davidson characterized the lost weapons as "simple bookkeeping errors", the ATF requires serial numbered parts to be tracked. Will and Stephanie Hayden did not keep track, so, according to Davidson, Hayden and the ATF mutually agreed to shut down Red Jacket, Inc. The WBRZ article is silent about Will and Stephanie Hayden surrendering any federal firearms licenses.