Jason Kronick, 51, of Boca Raton, was sentenced today to 78 months in prison for tax evasion, according to the U.S. Attorney’s Office, District of New Jersey.
Kronick, of Boca Raton, and formerly of Woodcliff Lake, New Jersey, was convicted on June 26, 2024, by a federal jury on four counts of tax evasion after a trial before U.S. District Judge Susan D. Wigenton, who imposed the sentence today in Newark federal court, according to the department.
The department stated that, from 2010 through 2017, Kronick evaded more than $8.6 million in income and employment taxes, including penalties and interest, despite earning over $20 million in taxable income.
According to the department, Kronick also collected approximately $200,000 in payroll taxes from employees of his company but failed to remit those withholdings to the IRS, evading his tax obligations.
The department reported that Kronick’s methods of tax evasion included using approximately $1.8 million from his controlled accounts to purchase over 40 luxury watches, spending more than $4.7 million on home renovations and interior decorating, and transferring more than $1.8 million—some originating from business accounts—to various casinos.