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High-Living Ex-Bergen Stockbroker Arrested By IRS For Ducking $4.3M In Taxes, Feds Say

A disgraced stockbroker from Bergen County was arrested Thursday by IRS agents who said he lived the high life while shortchanging Uncle Sam $4.3 million.

Cuffs

Cuffs

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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.

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