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Financial Crime –

US Developments

August 2025

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Legal Risk When? What’s Next? Supporting Information

Landmark tax fraud case results in two- year prison sentence

Frank Richard Ahlgren III was sentenced to two years in prison for filing a false tax return in connection with underreporting capital gains from the sale of bitcoin. This conviction and sentencing marks the first criminal tax case

involving cryptocurrency that is otherwise unrelated to illegal activity. Ahlgren, an early bitcoin investor, engaged in complex and

sophisticated techniques to conceal the transactions. Believing the transactions untraceable, Ahlgren underreported

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