A Bath man at the center of a $2.7 million embezzlement investigation faces jail time and hundreds of thousands dollars in fines after pleading guilty in federal court.

David Altenburg, 46, pleaded guilty Thursday 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, according to a statement from Acting U.S. Attorney Donald E. Clark.

According to court records, 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. To do so, he fraudulently used the name and email address of a firm director to purportedly authorize certain transfers.

Clark stated 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 was working as a trading analyst at a Portland-based financial firm at the time.

Altenburg was arrested in October following a month-long investigation by the FBI.

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

Altenburg will also be required to pay restitution to victims.

He will be sentenced following a 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.

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