Bath Man Pleads Guilty to Fraud and Identity Theft Charges
PORTLAND, Maine: A Bath man pleaded guilty today in federal court to one count of wire fraud, seven counts of money laundering, one count of transferring property to prevent seizure, and one count of aggravated identity theft, Acting U.S. Attorney Donald E. Clark announced.
According to court records, between February 2019 and September 2020, David Altenburg, 46, used his access to his employer’s financial accounts to make approximately 106 wire transfers and other withdrawals. To execute his scheme, he fraudulently used the name and email address of a firm director to purportedly authorize certain transfers.
In total, Altenburg diverted more than $2.7 million to accounts under his control. He used the diverted funds to fund travel; pay down his mortgage; and purchase luxury vehicles, jewelry, clothing and other items. After learning he was under investigation, he transferred title of his residence to a trust managed by his wife in an effort to prevent its seizure.
Altenburg faces a period of imprisonment of up to 20 years and a fine of up to $250,000 on the wire fraud count, up to 20 years and a fine of up to $500,000 on three of the money laundering counts, up to 10 years and a fine of $250,000 on four of the money laundering counts, up to five years and a fine of $250,000 on the transferring property to prevent seizure count, and a consecutive mandatory minimum sentence of two years and a fine of up to $250,000 on the aggravated identify theft count. He will also be required to pay restitution to the victims of the offenses. He will be sentenced following the preparation of a presentence report by the United States Probation Office. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI investigated the case with assistance from the Bath Police Department.