Texas Man Indicted for Falsely Reporting Cryptocurrency Gains

Frank Richard Ahlgren III was indicted by a federal grand jury for filing false tax returns and structuring cash deposits to avoid currency transaction reporting requirements, the Justice Department said Wednesday.

Ahlgren allegedly filed false tax returns that underreported or didn’t report the sale of $4 million worth of bitcoin in which he had substantial gains, according to the DOJ.

He also allegedly sold some of his bitcoin for cash. To avoid currency transaction reporting requirements, he deposited the cash to a bank in amounts less than $10,000 each, the DOJ said.

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