David Altenburg, a broker based in Bath, Maine has admitted to stealing $2.79 million from his previous employer and spending it on lavish goods, travel, and luxury cars.
The owner of the financial services firm has chosen to be anonymous.
With a 57-year prison to be assigned, Mr. Altenburg will be paying for 1 count of aggravated identity theft, 1 count of wire fraud, 1 count of transferring property to prevent seizure, and 7 counts of money laundering. Source – Maine’s the U.S. Attorney’s Office Press release
In the press release the U.S. Attorney’s Office has stated that Altenburg sneakily diverted around $2.7 million to bank accounts under his control. Then he used these funds to pay for travel, pay off a huge chunk of his mortgage, buy jewelry, expensive clothing, and luxury cars. He even transferred the residence title to his wife’s trust in an attempt to prevent its seizure.
There is yet to be a sentencing date assigned. Altenburg had a salary of $67,000 which is almost twice the average income of a male Maine resident. But it seems even this wealth wasn’t enough to fulfil Altenburg’s greed. The company’s CEO had found out about the embezzlement (alleged) after noticing a $350,000 transaction.
The Maine broker was fraudulently using a firm director’s email address & name to make 106 withdrawals and wire transfers.
Lavish Expenses Of David Altenburg
$16,000 Gucci luggage & clothing
$15,000 Saint Laurent handbags & clothes
$26,000 cruise from Mexico to Los Angeles
He is to pay restitution to the financial services company owner, & handover the cars to the government.