An Atlantic County man admitted to evading payment of income taxes on money he diverted from his businesses.
Coby Frier, 53, pleaded guilty to one count of income tax evasion.
According to court documents, Frier was one of the owners of several bars, restaurants, and clubs in Atlantic City, New Jersey.
Frier admitted that from 2012 through 2015, he took cash skimmed from the businesses and deposited those funds into his personal bank accounts. He later used those funds for personal expenses, including luxury hotels, department store purchases, and restaurants. Frier also admitted to using cash skimmed from the businesses to make down payments on luxury vehicles.
He faces up to five years in prison and a fine of up to $250,000..