A Satoshi era Bitcoin investor was sentenced to two years in prison, after he underreported the capital gains he earned from selling $3.7 million worth of BTC. This marks the conclusion of the first ever U.S. criminal tax evasion prosecution centered solely on cryptocurrency.
Frank Richard Ahlgren III bought Bitcoin in 2011, the last year of recorded contact with Bitcoin creator Satoshi Nakamoto. Ahlgren then sold his funds between 2017 to 2019 for $4.35 million, but misrepresented these figures to his accountant and in his tax filings. The total tax loss, calculated by the U.S. Department of Justice, is over $1 million. With his crypto fortunes, the Texas man bought a house.
As such, the tax fraudster has been sentenced to two years in prison, ordered to serve one year supervised release, and pay $1,095,031 in restitution.
“[He] earned millions buying and selling Bitcoin,” Acting Deputy Assistant Attorney General of the Justice Department’s Tax Division Stuart M. Goldberg
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Author: Ryan Gladwin
