CARTERSVILLE, Ga. - A former Cartersville manufacturing business owner faces federal bank and wire fraud charges after allegedly defrauding First Financial Bank out of more than $20 million through forged documents.
What we know:
Federal authorities arraigned 48-year-old Thomas Mwangi of Atlanta last week following a federal grand jury indictment charging him with two counts of bank fraud and 13 counts of wire fraud.
Mwangi, who owned and operated the Cartersville manufacturing company CAMaster, allegedly tricked First Financial Bank into approving $24 million in loans in 2023 to buy two Texas companies.
Federal prosecutors stated Mwangi falsified a brokerage statement to show $22 million in assets when he had less than $1 million, while also providing a forged document purporting to acknowledge the bank's security interest.
After receiving the loan funds, Mwangi allegedly sent fake financial statements to the bank on at least 23 occasions before defaulting on his loan payments last summer.
U.S. Attorney Theodore S. Hertzberg noted that Mwangi allegedly conned the bank out of approximately $24 million by forging signatures and fabricating account statements.
What we don't know:
Federal officials have not yet released a schedule for Mwangi's upcoming trial or details regarding potential sentencing.
Authorities have reminded the public that the indictment contains only charges, and Mwangi is presumed innocent until proven guilty beyond a reasonable doubt in court.
The Source: The information in this article comes from the U.S. Attorney's Office for the Northern District of Georgia.