The former owner of a Cartersville manufacturing company was arraigned in federal court Aug. 10 on an indictment charging 13 counts of wire fraud and two counts of bank fraud, according to the U.S. Attorney’s Office, Northern District of Georgia. A federal grand jury returned Atlanta resident Thomas Mwangi’s indictment Aug. 4. “Mwangi allegedly conned a bank out of approximately $24 million by forging signatures and fabricating account statements,” said U.S. Attorney Theodore S. Hertzberg in a news release from the U.S. Attorney’s Office, Northern District of Georgia. “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 news release stated Hertzberg’s overview of the 48-year-old’s charges and other details that were presented in court included — “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 … 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…
*This content (including text, artwork, graphics, photography, and video) was provided by the third party(ies) as referenced above. Any rights or other content questions or inquiries should be directed to such third-party provider(s).
