A federal grand jury has indicted a State College man on charges he lied about his income to live in subsidized housing and to obtain loans for several luxury vehicles.
Ivan Viktorovich Kronin, 31, of Cypress Way, is accused in the indictment Thursday in U.S. Middle District Court of stating on vehicle loan applications that his annual income from KPS Construction was between $60,000 and $78,000.
But in documents submitted to the Centre County Housing Authority, he stated he was self-employed and had annual incomes of $11,440 in 2008, $39,864 in 2009, $12,151 in 2010, and $14,224 in 2011. He also received monthly food stamp benefits of $535 to $560 in 2010 and 2011, the indictment charges.
Kronin is alleged to have stated on a Discover credit card application that his yearly income as a plumber for KPS Construction, a company he owned along with IK Auto, was $80,000.
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He obtained loans for vehicles from Pennsylvania State Employees Credit Union, Audi Financial Services, First National Bank of Pennsylvania, SunTrust Bank and Ally Financial Inc.
The vehicles included a 2003 Bourget Python motorcycle, 2009 Audi A-5 sedan, 2011 Audi A-6 sedan, 2010 Toyota Tacoma truck, 2009 Ford F-250 Super-Duty truck, 2006 BMW 7 series sedan and a 2011 Ford F-250 truck.
The bank fraud charges accuse Kronin over a two-year period beginning in January 2011 of making false representations to receive loans by inflating his income while reporting to the Internal Revenue Service net profit from KPS in 2011 was $11,867.
Kronin also is charged with making false material statements by concealing his business income and assets from the housing authority and U.S. Department of Housing and Urban Development between March 1, 2007, and Jan. 13.
He allegedly did this by concealing two Sovereign Bank accounts he controlled that contained deposit amounts of $172,532 and $381,554 through December 2011, the indictment states.
The charges accuse Kronin of knowing that his income, business revenue, bank deposits and other assets exceeded what he reported on statements to the housing authority.
Kronin filed bankruptcy as doing business as KPS on March 16, 2011, the indictment states.