44°
Jason Kronick, 48, of Woodcliff Lake made headlines after he was fired from one job for alleged “unauthorized trading and unauthorized positions,” then resigned from after allegedly omitting $330,000 in judgments against him on his job application.
Kronick, who eventually filed for bankruptcy, earned $20 million during tax years 2008 through 2010, Acting U.S. Attorney Rachael A. Honig said Thursday.
Honig said Kronick:
- used roughly $1.5 million from his business bank accounts to buy approximately 40 rare and expensive watches;
- used at least $1.9 million from the business accounts to pay for home renovations;
- used company funds to pay at least $700,000 in personal credit card bills;
- transferred more than $700,000 from his business accounts to various casinos, where he converted the money to chips, gambled, and then redeemed chips for cash;
- cashed approximately $160,000 in checks at check-cashing businesses to conceal the proceeds from the IRS.
“Kronick also filed a statement with the IRS in 2011, falsely claiming that he had no income for that year, when in fact he received more than $2.8 million in income,” the U.S. attorney said.
The more than $4.3 million in income taxes that he failed to pay doesn’t include penalties and interest, she noted.
A U.S. District Court magistrate judge in Newark released Kronick on $1 million unsecured bond on Thursday after the IRS charged him with three counts of income tax evasion and one of employment tax evasion.
Honig credited special agents of IRS-Criminal Investigation with the investigation leading to the charges. Assistant U.S. Attorney Sarah A. Sulkowski of her Cybercrime Unit in Newark is handling the case for the government.
Click here to follow Daily Voice Fort Lee and receive free news updates.
