The FBI arrested a former stock analyst on Thursday for allegedly embezzling $2.7 million from his Portland employer, the Times Record reported.
David Altenburg of Bath and his wife Heather allegedly spent the money on more than $1.4 million in jewelry, clothing, travel and dining out. Despite David Altenburg having a salary of only $67,000, the couple had two BMWs, a Mercedes and an Infinity, the Times Record reported.
Altenburg allegedly financed the purchases by transferring funds from accounts at the financial firm without its knowledge more than 100 times since February 2019. The company’s CEO discovered the alleged embezzlement when he noticed a $350,000 transaction that he wasn’t aware of, the Times Record reported.
The FBI raided Altenburg’s home on Western Avenue in Bath at 6:30 a.m. He has been charged with four counts of wire fraud, the Times Record reported.