Frank Richard Ahlgren III, an early Bitcoin investor, has pleaded guilty to filing false tax returns that underreported his capital gains from selling Bitcoin. After purchasing 1,366 BTC in 2015, he sold 640 BTC for $3.7 million in 2017 but inflated his cost basis to minimize reported gains, resulting in over $550,000 in tax losses for the IRS. Ahlgren faces up to three years in prison, along with restitution and penalties, with sentencing scheduled for a later date.
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