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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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