Georgia Businessman Charged with $24 Million Bank Fraud

ATLANTA - Thomas Mwangi, the former owner of a Cartersville, Georgia manufacturing business, was arraigned last week on federal bank and wire fraud charges after allegedly defrauding First Financial Bank (“First Financial”) out of more than $20 million. “Mwangi allegedly conned a bank out of approximately $24 million by forging signatures and fabricating account statements,” said U.S. Attorney Theodore S. Hertzberg. “Fraudulent loans not only harm banks but also restrict access to credit for honest businesses and individuals. We will work with our law enforcement partners to root out and punish manipulation of our financial institutions.” “The rewards for lying, stealing, and falsifying records are serious charges and potential prison time,” said Marlo Graham, Special Agent in Charge of FBI Atlanta. “The FBI will continue to use our expertise to investigate and prosecute all those who defraud American businesses.” According to U.S. Attorney Hertzberg, the charges, and other information presented in court: Mwangi owned and operated CAMaster, a manufacturing company in Cartersville, Georgia. In 2023, Mwangi allegedly duped First Financial into financing his purchase of two Texas companies by falsely pledging millions of dollars as collateral. On one occasion, Mwangi allegedly falsified his brokerage statement to claim he had $22 million dollars when he actually had less than $1 million. Additionally, Mwangi allegedly presented First Financial with a forged document from a brokerage house purporting to acknowledge First Financial’s security interest in Mwangi’s account. Based on Mwangi’s fraudulent representations, First Financial loaned Mwangi $24 million in 2023. After receiving the fraudulent funds, Mwangi allegedly emailed fake financial statements to First Financial on at least 23 occasions to lull the bank into believing he had sufficient collateral for his loans. Last summer, Mwangi defaulted on his loan payments to First Financial. On August 10, 2026, Thomas Mwangi, 48, of Atlanta, Georgia, was arraigned in federal court on an indictment charging two counts of bank fraud and thirteen counts of wire fraud. A federal grand jury returned the indictment on August 4, 2026. Members of the public are reminded that the indictment only contains charges. The defendant is presumed innocent of the charges, and it will be the government’s burden to prove the defendant’s guilt beyond a reasonable doubt at trial. This case is being investigated by the Federal Bureau of Investigation. Assistant U.S. Attorney Dwayne A. Brown Jr. is prosecuting the case. For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6185. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.