Early Bitcoin Investor Faces Jail!
Frank Richard Ahlgren III, an early Bitcoin investor in Texas, has pleaded guilty to tax evasion!
The investor sold his 640 Bitcoins in 2017 for a profit of $3.7 million, but he deliberately falsified his tax return to avoid paying capital gains taxes.
Not only that, he also concealed an additional $650,000 in income from Bitcoin transactions between 2018 and 2019.
This series of actions caused the IRS to suffer more than $550,000 in tax losses.
Currently, Ahlgren III faces severe penalties of up to three years in prison, probation supervision, compensation for losses and financial penalties!
If he had reported his income truthfully, the value of those 640 Bitcoins would have soared to a staggering $383.8 million!
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