NJ guy didn’t pay taxes $8.6 million in taxes, now he’s going to prison

A former New Jersey resident, who now lives in Florida, failed to pay over $8.6 million in taxes and now he's headed to prison.

Jason Kronick of Boca Raton, FL, sentenced

Authorities say back in June, 51-year-old Jason Kronick of Boca Raton, FL, formerly of Woodcliff Lake in Bergen County, NJ, was convicted by a federal jury on four counts of tax evasion.

On Thursday, he was sentenced to 78 months, or 6 ½ years, behind bars.

According to the Department of Justice, from 2010 through 2017, Kronick evaded payment of more than $8.6 million in income and employment taxes, including penalties and interest, despite having earned more than $20 million in taxable income.

Kronick also collected about $200,000 in payroll taxes from those working for his company but he did not remit those withholdings to the IRS and evaded his obligation to do so.

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Kronick allegedly used that money to buy $1.8 million worth of high-end watches; $4.7 million was spent on home renovations and decorating; he transferred more than $1.8 million to various casinos, gambled, and then redeemed chips for approximately $1.8 million in cash; and cashed about $159,000 in checks at check-cashing businesses to conceal his income and assets from the IRS.

Payback time

Once released from prison, Kronick will be under three years of supervised release and he was ordered to pay nearly $10.3 million in restitution.