Two Men Indicted for Money Laundering Conspiracy

SACRAMENTO, Calif. — A federal grand jury returned a single-count indictment on Feb. 15, 2024, against Alex Altoh, 64, of Roseville, and Oumar Sidibe, 30, formerly of Reno, Nevada, charging them with conspiracy to commit money laundering, U.S. Attorney Phillip A. Talbert announced. The indictment was unsealed on Feb. 21 after Altoh’s arrest. Sidibe is yet to be apprehended.

According to court documents, between January 2021 and November 2021, Altoh and Sidibe were involved in a conspiracy to launder the proceeds from two large business email compromise schemes, in which two corporate victims were tricked into making payments to bank accounts controlled by Altoh and another person, rather than to the intended beneficiaries of the payments. Altoh and Sidibe then quickly withdrew a large portion of the funds by way of check deposits, which effectively transferred the funds, concealed their unlawful nature, and prevented them from being clawed back. Law enforcement has traced Altoh and Sidibe to about $3.9 million in laundered fraud proceeds.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Denise N. Yasinow and Matthew Thuesen are prosecuting the case.

If convicted, Altoh and Sidibe each face a maximum statutory penalty of 20 years in prison and a fine of $500,000 or twice the value of the property involved in the money laundering conspiracy. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.