So, just to be clear - you don't think the federal requirements for "inventory control" apply to used guns taken in trade or purchased at the shop for cash?
I can't answer for him but I don't think that's what he was saying. I think he was setting up the scenario of what COULD have happened.
I saw reported somewhere over the weekend he didn't steal hundreds of guns, he admitted to stealing something like 7 guns and using someone elses ID to fill the paperwork out, maybe range customers. His money came from stealing and selling accessories and ammo and he used that to buy and sell more guns on the net.