An early Bitcoin investor was sentenced to two years in prison by a US court for falsely reporting income

Odaily report: The U.S. Department of Justice has disclosed that Frank Richard Ahlgren III, a resident of Austin, Texas, was sentenced to two years in prison for falsely reporting $3.7 million in Bitcoin trading income. Court documents show that Frank Richard Ahlgren II began investing in Bitcoin in 2011, and in 2015 he purchased about 1,366 Bitcoins through Coinbase, with a peak price of around $495.56 that year. In October 2017, he sold 640 Bitcoins at a price of about $5,807.53 per coin, making a profit of $3.7 million, which he used to purchase a home in Park City, Utah. To evade taxes, Ahlgren provided his accountant with false transaction records, claiming a much higher cost basis than the actual price. Between 2018 and 2019, he concealed over $650,000 in Bitcoin transaction records through the use of multiple wallets, face-to-face cash transactions, and mixers. The IRS Criminal Investigation Division and the Texas Attorney General's Office are currently conducting further investigations into the case. ()