Richard

Satoshi

Bitcoin

Chad

Daily

<p class="is-style-lead">Frank Richard Ahlgren III, an early Bitcoin investor from Texas, has been sentenced to two years in prison for tax fraud.&nbsp;</p>
<p>According to the Department of Justice, Ahlgren <a href="https://www.justice.gov/opa/pr/early-bitcoin-investor-sentenced-filing-tax-returns-falsely-reported-his-cryptocurrency#:~:text=All%20News-,Early%20Bitcoin%20Investor%20Sentenced%20for%20Filing%20Tax,Falsely%20Reported%20His%20Cryptocurrency%20Gains&amp;text=An%20Austin%2C%20Texas%2C%20man%20was,selling%20%243.7%20million%20in%20bitcoins" target="_blank" rel="noopener noreferrer nofollow">underreported</a> $3.7 million in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) capital gains on his 2017 tax return and failed to disclose additional BTC sales worth $650,000 over the next two years.</p>
<p>Per the DOJ, “Ahlgren was an early investor in bitcoins and purchased bitcoins as early as 2011,” which places Ahlgren as a Satoshi-era investor. Satoshi era refers commonly to the period when Bitcoin’s pseudonymous creator, <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/Satoshi-Nakamoto">Satoshi Nakamoto</a>, was active from late 2009 to 2011.</p>
<p>Ahlgren is reportedly the first Bitcoin investor to be jailed for crypto tax gains.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Early Bitcoin Investor, Frank Richard Ahlgren III, or Paco, is being charged with not reporting / falsely reported his cryptocurrency gains . <br>– $3.7M in Bitcoin sales on his taxes from 2017-2019.<br>– sentence : 2 years in prison <br><br>His story is a stark reminder of crypto tax… <a rel="noopener noreferrer nofollow" href="https://t.co/npuKjapivK" target="_blank">pic.twitter.com/npuKjapivK</a></p>— Chad All-In Top Daily Crypto News (@Chad_allin) <a href="https://twitter.com/Chad_allin/status/1867554159547101430?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/crytocoinminer-and-justin-sun-how-cloud-mining-drives-crypto-success/"> CrytocoinMiner and Justin Sun: How cloud mining drives crypto success </a></p>
<h2 class="wp-block-heading" id="ahlgren-s-discreet-transfers">Ahlgren’s discreet transfers</h2>
<p>Prosecutors revealed that Ahlgren manipulated the cost basis of his BTC transactions in 2017 to lower his reported capital gains, significantly reducing his tax liability. Ahlgren misrepresented the profits he earned from selling 640 BTC, which he used to buy a house in Utah.</p>
<p>From 2018 to 2019, Ahlgren concealed additional BTC sales through mixers, wallet transfers, and in-person cash exchanges.&nbsp;These actions caused over $1 million in tax losses.</p>
<p>U.S. District Court Judge Robert Pitman also ordered Ahlgren to pay $1.1 million in restitution and serve one year of supervised release following his prison term.&nbsp;</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/societe-generale-completes-repo-transaction-on-ethereum-with-the-banque-de-france/"> Société Générale completes repo transaction on Ethereum with the Banque de France </a></p>

Satoshi-era Bitcoin buyer sentenced to two years for tax fraud

Table of Contents

crypto.news

Other articles published on Dec 13, 2024

Roger Ver Accuses U.S. of Attacking Bitcoin

There are Hidden Gems to Buy Now For Big Returns Next Year – Don’t Miss Out New Cryptos With over...

Bitget Lists Alchemist AI (ALCH) in the Innovation and AI Zone (13 Dec)

Solana Price Prediction 2025-2035: Will SOL Surge Past $300?

Google’s Quantum Chip ‘Willow’ Breaks Barriers, Igniting Crypto Security Debates

Bank of England Seeks Crypto Exposure Details to Shape Policy

Join our free newsletter for daily crypto updates!