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Bath man pleads guilty to federal wire fraud charges

David Altenburg, 46, diverted more than $2.7 million to fund travel, luxury vehicles, jewelry, and mortgage payments

BATH, Maine — A Portland trading analyst arrested in October 2020 has pleaded guilty to federal wire fraud charges.

David Altenburg, 46, of Bath used access to his employer's financial accounts to make more than 100 wire transfers and other withdrawals, diverting more than $2.7 million to accounts he controlled, Acting U.S. Attorney Donald E. Clark said.

Between February 2019 and September 2020, Altenburg fraudulently used the name and email address of a director at the firm to authorize the transfers.

On Oct. 15, 2020, the FBI executed a search warrant of the Bath home and seized four vehicles: two BMWs, an Infiniti, and a Mercedes, according to court documents.

Altenburg was arrested without incident.

According to a criminal complaint filed by Special FBI Agent Kevin M. McCusker, Altenburg and his wife spent the funds "in large part on (1) expensive jewelry, watches and clothing; (2) lavish leisure travel and restaurants; (3) vehicles; (4) debt payments; and (5) the funding of at least one brokerage account."

Among the expenditures were $26,553.95 to Royal Princess for jewelry, casino, and amenity charges incurred while on 2020 a cruise between Los Angeles and Mexico; two charges of nearly $16,000 for clothing and other items at Yves Saint Laurent in Beverly Hills, Calif., and Gucci in New York, N.Y.

On Thursday, Altenburg pleaded guilty 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.

RELATED: Portland trading analyst, of Bath, charged with federal wire fraud

Altenburg faces a maximum sentence of 20 years in prison and a $250,000 fine on the wire fraud count; 20 years in prison and a $500,000 fine on three of the money laundering counts; 10 years in prison and a $250,000 fine on four of the money laundering counts; five years in prison and a $250,000 fine on the count of transferring property to prevent seizure; and a consecutive mandatory minimum sentence of two years in prison and a fine of up to $250,000 on the aggravated identity theft count.

He will also be required to pay restitution to the victims, Clark said.

    

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