According to Lucy Tan, an acting special agent from the IRS Criminal Investigation Houston Field Office, Algren will face imprisonment. In addition to his incarceration, U.S. District Judge Robert Pitman for the Western District of Texas has also ordered Algren to serve one year of supervised release and to pay $1,095,031 in restitution to the United States.
Under Biden's leadership, the U.S. government is trying to crack down on any cryptocurrency entity or individual that thinks they are smart enough to beat the system. Under Gary Gensler's Securities and Exchange Commission, warnings are frequent.
The responsible special agent issued a warning statement saying, "This case marks the first criminal tax evasion prosecution solely based on cryptocurrency. Due to the high prices of cryptocurrencies, the temptation to not pay sales tax is significant. To avoid temptation, avoid federal prison."
The court stated that this case proves that no one is above the law.
Lucy Tan added, "This case demonstrates that no one can rise above the law. My team at the IRS Criminal Investigation has the expertise and tools to track financial activities, whether in dollars, pesos, or cryptocurrency."
IRS-CI is working with the Texas Attorney General's Office to investigate this case.
Assistant Chief Michael C. Butler, trial attorney Mary Frances Richardson from the Tax Division, and Assistant U.S. Attorney William R. Harris from the Western District of Texas are prosecuting this case.
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