Bitcoin Investor Sentenced For Tax Evasion In Cryptocurrency Case

According to BlockBeats, Frank Richard Ahlgren III, the first American convicted of tax crimes related to cryptocurrency trading, has been sentenced to two years in prison. Ahlgren is also required to surrender the keys to access his cryptocurrency assets. Court documents reveal that Ahlgren was accused of concealing at least 1,287 bitcoins through a mixing service, which are currently valued at over $124 million. He previously pleaded guilty to underreporting capital gains taxes on $3.7 million worth of bitcoin transactions and was ordered to pay $1 million in tax loss compensation to the U.S. government. Judge Robert Pitman of the federal court in Austin, Texas, has mandated that Ahlgren hand over the keys and devices storing these digital assets and disclose all cryptocurrency accounts. Ahlgren is prohibited from transferring, selling, or depleting any property without court approval, except for normal living expenses. His attorney, Dennis Kainen, stated that Ahlgren will comply with the court's orders.