Jack Kronis, a career conman from Toronto, has once again found himself in the courtroom for another major fraud, despite still owing over $1.7 million in court-ordered restitution to victims from his previous schemes. This time, at his U.S. federal sentencing in Cleveland on Nov. 21, 2024, Kronis expressed genuine remorse, emphasizing his commitment to repay his new victims and make amends for his past actions.
“He recognizes the error of his ways,” said Catherine Meehan, Kronis’s lawyer, during her submission in court. “He is actively engaging in counseling and has been properly medicated for his mental health conditions. He is striving to be better and is fully committed to ensuring restitution is made to the victims.”
Kronis, 65, has a long history of deception, spanning decades and continents, including Canada, the U.S., and Europe. His latest conviction stems from his involvement in the fraudulent operation of Paragon International Wealth Management, a company that deceived hundreds into investing in overvalued colored diamonds. Victims were led to believe that their investments would yield high returns, only to discover that they had been sold worthless stones.
The company, with a boiler room setup on Toronto’s Finch Avenue West, employed international students who made cold calls to potential investors, while Kronis, driving his luxury Bentley, supervised operations. Prosecutors revealed that Paragon sent fake appraisal certificates and fabricated online auctions to mislead investors into thinking they could sell their diamonds for significant profits. Many victims were pressured to buy more, hoping for a large payout that never materialized.
Prosecutor James P. Lewis urged the court to impose a harsher sentence, noting the profound damage caused to nearly 200 victims. Some victims, including S.S., told the court about the devastating financial consequences they faced after purchasing diamonds with high-interest loans, only to be left with nothing. Others spoke of the emotional toll the scam took on their health, relationships, and families.
Despite his acknowledgment of the harm caused, Kronis’s past offenses were also brought to light, including his involvement in a series of fraudulent schemes over the years. The court heard from victims who had been conned in similar ways in the past, further emphasizing the need for a strict sentence.
Kronis’s lawyer argued for a lighter sentence, stating that he was committed to making things right and had already started engaging in personal reform. However, Judge Philip Calabrese took into consideration the scale of Kronis’s crimes and the long-lasting impact on his victims, making it clear that his history of fraudulence weighed heavily in the sentencing decision.
The case highlights the ongoing impact of financial fraud and the challenges victims face in recovering both their money and their trust. As Kronis faces life behind bars for his latest crime, many wonder if his promises of reform will ever match the scale of the damage he has caused throughout his career as a con artist.
