Frank Richard Ahlgren III, a Texas-based early Bitcoin investor, has pleaded guilty to tax evasion!
He sold 640 BTC for $3.7 million in 2017 but falsified his tax return to avoid paying capital gains tax.
He also failed to report an additional $650,000 in Bitcoin sales from 2018 and 2019.
His actions resulted in over $550,000 in tax losses for the IRS.
Now, he faces up to three years in prison, supervised release, restitution, and financial penalties!
If only he had reported his gains... 640 BTC is now worth a staggering $38,384,064!
A costly mistake that could have been avoided!
