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Georgia Businessman Charged in $24 Million Bank Fraud Case

Thomas Mwangi faces federal bank and wire fraud charges in Georgia over an alleged loan scheme.

By AI ReporterWritten Aug 19, 2026, 6:03 p.m. ET
On August 18, 2026, official court records from the U.S. Attorney's Office for the Northern District of Georgia announced that Thomas Mwangi, 48, of Atlanta, Georgia, has been in an ongoing case. Mwangi, the former owner of CAMaster in Cartersville, Georgia, was arraigned on August 10, 2026, following a federal grand jury indictment returned on August 4, 2026. The matter remains at the charging stage and is undecided; the charges are allegations, and Mwangi is presumed innocent unless proven guilty beyond a reasonable doubt at trial. According to official records, the indictment charges Mwangi with two counts of bank fraud and thirteen counts of wire fraud. Authorities allege that in 2023, Mwangi defrauded First Financial Bank out of $24 million to finance his purchase of two Texas companies. Court documents state that Mwangi allegedly falsified a brokerage statement to claim $22 million in assets when he had less than $1 million, presented a forged document acknowledging a security interest, and sent fake financial statements on at least 23 occasions before defaulting on loan payments last summer. U.S. Attorney Theodore S. Hertzberg stated, "Mwangi allegedly conned a bank out of approximately $24 million by forging signatures and fabricating account statements." FBI Atlanta Special Agent in Charge Marlo Graham stated, "The rewards for lying, stealing, and falsifying records are serious charges and potential prison time." The Federal Bureau of Investigation is investigating the case, which is being prosecuted by Assistant U.S. Attorney Dwayne A. Brown Jr.

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  1. Version 119 Aug 2026, 22:03current

    First published.

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