CAMDEN — An Atlantic City man on Thursday admitted to skimming cash from his resort businesses to use on luxury hotels and vehicles, while failing to pay income taxes.
Coby Frier, 53, one of the owners of several bars, restaurants and clubs in the resort, including A.C. Dolls on New York Avenue, pleaded guilty to one count of income tax evasion by videoconference before U.S. District Judge Noel L. Hillman, according to a news release from U.S. Attorney Craig Carpenito.
Frier admitted to skimming cash between 2012 and 2015 from the businesses and deposited it in his personal bank account, according to the release. He used the money for personal expenses, including luxury hotel stays, department store purchases and restaurant visits.
He also admitted to using cash skimmed from businesses to make down payments on luxury vehicles and attempting to evade detection by the IRS by keeping those down payments under the $10,000 cash reporting threshold, according to the release.
Frier did not report the cash skimmed from the businesses as income during those years, did not file personal income tax returns and did not pay any personal income taxes, according to the release, and he admitted he owed to the government taxes on this unreported income.
He faces a maximum potential penalty of five years in prison and a $250,000 fine. His sentencing is scheduled for Sept. 11.