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Ahlgren III Sentenced to Two Years for Cryptocurrency Tax Underreporting

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by Giorgi Kostiuk

3 months ago


Frank Richard Ahlgren III has been found guilty of tax crimes related to cryptocurrency transactions. The court has ordered him to surrender passcodes to his $124 million digital assets.

Charges Against Ahlgren III

In Ahlgren III's charge sheet, he was accused of hiding nearly 1,287 BTC, worth $124 million, using mixing services. He pleaded guilty to underreporting $3.7 million in capital gains from Bitcoin transactions, which led to an obligation to pay $1 million in tax loss reparation to the US government.

Restrictions on Asset Disposal

Prosecutors handling Ahlgren III's case argued that the accused's property could not be attached by ordinary physical means. On behalf of the American government, they requested the court to restrain any virtual currency and issue an order to obtain the passcodes to ensure no one can move the cryptos. The US District Judge Robert Pitman ordered Ahlgren III to surrender the passcodes and devices used for storing the digital assets and to disclose all of his cryptocurrency wallets. Ahlgren III is prohibited from disposing of or transferring any property unless authorized by the court, except for normal monthly expenses.

Ahlgren III's Response

Ahlgren III's attorney, Dennis Kainen, said that his client is willing to comply with the court orders. Ahlgren III pleaded guilty on September 12 and was sentenced on December 12. The attorney stated, "We will comply with a court directive, or to the extent that we have a question, we will direct it to the court. We appreciate Judge Pitman's care throughout this case."

Ahlgren III's case might set a precedent affecting even small crypto holders, indicating the government's firm stance on tax violations in the crypto world.

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