PANews reported on December 13 that Frank Richard Ahlgren III, a resident of Austin, Texas, was sentenced to two years in prison and ordered to pay $1,095,031 in restitution for submitting false tax returns, falsely reporting capital gains from the sale of $3.7 million worth of Bitcoin.
Reportedly, between 2017 and 2019, Ahlgren underreported his gains when he sold approximately $4 million worth of Bitcoin, including fabricating purchase prices and failing to report transactions. He also attempted to conceal the transaction trail through methods such as multi-wallet transfers, in-person cash transactions, and the use of cryptocurrency mixers. The total tax loss exceeded $1 million.
