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Press Release

Roseville Man Pleads Guilty to Money Laundering Conspiracy

For Immediate Release
U.S. Attorney's Office, Eastern District of California

SACRAMENTO, Calif. — Alex Altoh, 64, of Roseville, pleaded guilty today to conspiracy to commit money laundering, U.S. Attorney Phillip A. Talbert announced.

According to court documents, between January 2021 and November 2021, Altoh and his co-defendant Oumar Sidibe, 30, were involved in a conspiracy to launder the proceeds from two large business email compromise schemes, in which two corporate victims were tricked into making payments to bank accounts controlled by Altoh and another person, rather than to the intended beneficiaries of the payments. Altoh, Sidibe, and others then quickly withdrew a large portion of the funds by way of check deposits, which effectively transferred the funds, concealed their unlawful nature, and prevented them from being clawed back. Law enforcement traced Altoh and Sidibe to about $3.9 million in laundered fraud proceeds. As part of his plea agreement, Altoh agreed to pay restitution on an amount of at least $1,478,000.

Sidibe is yet to be apprehended. The charges against him are only allegations; he is presumed innocent until and unless proven guilty beyond a reasonable doubt.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Denise N. Yasinow and Matthew Thuesen are prosecuting the case.

Altoh is scheduled to be sentenced by U.S. District Judge John A. Mendez on Sept. 24, 2024. Altoh faces a maximum statutory penalty of 20 years in prison and a fine of $500,000 or twice the value of the property involved in the money laundering conspiracy. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

Updated June 18, 2024

Financial Fraud