CARTERSVILLE, Ga. — A former Georgia manufacturing executive is facing fraud charges after prosecutors say he used forged documents and fake financial statements to secure a $24 million loan.
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Thomas Mwangi, 48, of Atlanta, was arraigned in federal court on Aug. 10 after being indicted on two counts of bank fraud and 13 counts of wire fraud, according to the U.S. Attorney’s Office for the Northern District of Georgia.
Federal prosecutors allege Mwangi, the former owner of Cartersville-based manufacturing company CAMaster, misled First Financial Bank in 2023 while seeking financing to purchase two companies in Texas.
According to court documents, Mwangi falsely claimed he had millions of dollars available as collateral to back the loan. In one instance, prosecutors say he altered a brokerage statement to show he had $22 million in assets when he actually had less than $1 million.
Investigators also allege Mwangi provided the bank with a forged document that appeared to come from a brokerage firm acknowledging the bank’s security interest in his account.
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Based on those representations, First Financial approved a $24 million loan, prosecutors said.
Authorities say the alleged deception did not stop there. After receiving the loan funds, Mwangi allegedly sent fake financial statements to the bank at least 23 times to convince lenders he still had enough collateral to support the loan.
Prosecutors say Mwangi later defaulted on the loan payments in the summer of 2025.
“Mwangi allegedly conned a bank out of approximately $24 million by forging signatures and fabricating account statements,” U.S. Attorney Theodore S. Hertzberg said in a statement. “Fraudulent loans not only harm banks but also restrict access to credit for honest businesses and individuals.”
FBI Atlanta Special Agent in Charge Marlo Graham said the case highlights the consequences of financial fraud.
“The rewards for lying, stealing, and falsifying records are serious charges and potential prison time,” Graham said.
A federal grand jury returned the indictment on Aug. 4.
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