A Cartersville manufacturing company owner faces federal charges accusing him of defrauding a bank of about $24 million.
48-year-old Thomas Mwangi of Atlanta, the former owner of CAMaster in Cartersville, appeared in federal court in Atlanta on August 10th. Prosecutors charged him with two counts of bank fraud and 13 counts of wire fraud. A federal grand jury returned the indictment on August 4th.
According to the U.S. Attorney’s Office for the Northern District of Georgia, Mwangi allegedly obtained a $24 million loan from First Financial Bank in 2023 by making false statements about collateral. Prosecutors say he claimed far more money in a brokerage account than he actually held and presented a forged document that appeared to give the bank a security interest in that account. He then allegedly sent the bank fake financial statements on at least 23 occasions to maintain the appearance of sufficient collateral. The bank later reported that Mwangi defaulted on the loan.
U.S. Attorney Theodore S. Hertzberg said the case involves alleged forgery and fabricated account statements. FBI Atlanta Special Agent in Charge Marlo Graham noted that investigators will continue to pursue those who defraud financial institutions.
The charges remain allegations only. Mwangi is presumed innocent unless the government proves the case beyond a reasonable doubt at trial. The FBI is investigating, and Assistant U.S. Attorney Dwayne A. Brown Jr. is prosecuting.