BRENTWOOD, Tenn. (WZTV) — A Brentwood attorney admitted to hiding millions of dollars in income from cryptocurrency sales and his business on his tax returns from 2018 to 2022.
David Gebhardt, 54, a Tennessee-licensed attorney, pleaded guilty Friday to two counts of filing false individual tax returns.
Gebhardt withdrew approximately $6.6 million in funds from his cryptocurrency sales, according to court documents.
Reports also say Gebhardt ignored warnings from his accountants to report cryptocurrency income on his tax returns and lied on tax returns for 2020, 2021 and 2022, claiming he did not engage in virtual currency transactions.
The Tennessee attorney also caused a tax loss of more than $550,000 by filing false returns from 2018 to 2022.
His sentencing is scheduled for Nov. 6, 2026. He faces a maximum penalty of six years in federal prison and must pay restitution and monetary…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.