Bath man sentenced to 10 years for fraud, money laundering

A Bath man was sentenced to 10 years in prison for multiple crimes including wire fraud and money laundering Monday at U.S. District Court in Portland.

U.S. District Judge D. Brock Hornby sentenced David Altenburg, 46, to 10 years in prison followed by 18 months of supervised release for wire fraud, money laundering, transferring property to prevent seizure and aggravated identity theft.

Altenburg was also ordered to pay $2,807,080 in restitution to victims of the offenses, according to a release from the U.S. Department of Justice.

Between February 2019 and September 2020, Altenburg used his access to his employer’s financial accounts to make about 106 wire transfers and other withdrawals and fraudulently used the name and email address of a firm director to purportedly authorize certain transfers, according to court records.

In total, he diverted more than $2.7 million to accounts under his control, which he use to fund travel, pay his mortgage and purchase luxury vehicles, jewelry, clothing, and other items.

After learning he was under investigation, Altenburg transferred the title of his residence to a trust managed by his wife in an effort to prevent its seizure.

The Federal Bureau of Investigation arrested Altenburg at his home on Western Avenue in Bath in October 2020 on a warrant for four counts of wire fraud.

He pleaded guilty to the crimes in June.

This story will be updated.

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