The U.S. Department of Justice (DOJ) announced on Thursday that an early bitcoin investor has pleaded guilty to “filing tax return that falsely reported his cryptocurrency gains.” Frank Richard Ahlgren III, a Texas resident, admitted to underreporting the capital gains he earned from selling $3.7 million worth of BTC.
According to court documents, Ahlgren bought 1,366 BTC in 2015, valued at no more than $500 each. In October 2017, he sold 640 BTC for approximately $3.7 million and used the proceeds to purchase a home in Park City, Utah. However, Ahlgren’s 2017 tax return falsely inflated the cost basis of his bitcoin, which allowed him to underreport his capital gains. Additionally, he failed to report $650,000 in bitcoin sales made in 2018 and 2019.
The U.S. Department of Justice (DOJ) announced on Thursday that an early bitcoin investor has pleaded guilty to “filing tax return that falsely reported his cryptocurrency gains.” Frank Richard Ahlgren III, a Texas resident, admitted to underreporting the capital gains he earned from selling $3.7 million worth of BTC. According to court documents, Ahlgren bought 1,366 BTC in 2015, valued at no more than $500 each. In October 2017, he sold 640 BTC for approximately $3.7 million and used the proceeds to purchase a home in Park City, Utah. However, Ahlgren’s 2017 tax return falsely inflated the cost basis of his bitcoin, which allowed him to underreport his capital gains. Additionally, he failed to report $650,000 in bitcoin sales made in 2018 and 2019.