According to Foresight News and reported by Bloomberg, Frank Richard Ahlgren III, the first Bitcoin investor in the U.S. to be convicted of tax crimes related to crypto asset trading, has been sentenced to two years in prison and ordered to surrender the keys to access his crypto assets. Court documents show that Ahlgren was accused of concealing at least 1,287 Bitcoins through mixing services, which are currently worth over $124 million. He previously pleaded guilty to underreporting capital gains tax on $3.7 million in Bitcoin trades and was ordered to pay $1 million in tax loss restitution to the U.S. government.
The federal judge of the U.S. District Court in Austin, Texas, Robert Pitman, ordered Ahlgren to surrender the keys and devices storing these crypto assets and disclose all cryptocurrency accounts. He is prohibited from transferring, selling, or depleting any property without court approval, but can use it for normal living expenses. Ahlgren's lawyer, Dennis Kainen, stated that his client will comply with the court's directive.
