Jack Kronis, now 65, from Toronto was sentenced to 10 months in a U.S. prison.
He was sentneced in Buffalo, N.Y., for fraudulently selling metals claiming they were rare and valuable, between 1990 and 1993 from Toronto.
In 2022, Kronis was arrested in the United States, along with three other Canadians. Their company, Paragon International Wealth Management, had a boiler room on Toronto’s Finch Avenue West. There, international students made cold calls in diamond investment sales.
Kronis still owes his victims more than $1,720,000 in court-ordered restitution from decades ago. He was convicted in Canada for selling fraudulent stocks between 1989 and 1990 and sentenced to six months in jail. His firm Durham Securities was licensed to sell stocks and bonds in Ontario. He was also ordered to pay $837,081 in restitution. Of that, he still owes $575,000.
Court was also told of Kronis’s arrest in Belgium in 1995 for his role in a large-scale telemarketing stock fraud based in Amsterdam. European investigators said at the time that $250 million was fleeced from at least 1,227 victims. The U.S. court did not record the outcome of that case, but National Post was told he was convicted in 2000 after cooperating with investigators.
