A 50-year-old millionaire from New Jersey who was living in Boca Raton, Florida, was convicted of tax evasion, the U.S. Attorney’s Office announced on Friday.
Jason Kronick was 48 when he was indicted in New Jersey for crimes related to the 2008-11 tax years. Investigators alleged Kronick filed a statement with the IRS in 2011, claiming he had no income when he had earned over $2.8 million.
IRS-Criminal Investigation agents reported Kronick spent about $1. 5 million from his business accounts to buy 40 “rare and expensive” Patek Philippe and Rolex watches from a jeweler in Florida and listed those as business expenses.
The federal agents also reported Kronick withdrew funds at casinos in Pennsylvania, New Jersey, and the Bahamas by converting casino chips back into cash when he finished gambling, and he also used check-cashing businesses.
A jury convicted him of three counts of income tax evasion, and one count of employment tax evasion. His sentencing is Nov. 14.
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Source: Loca10
