Georgia Businessman Allegedly Executes $24,000,000 Bank Fraud Scheme, Forges Documents and Financial Records
A Georgia businessman has been accused of obtaining $24 million in bank loans using allegedly forged documents and fabricated financial records.
Thomas Mwangi, 48, of Atlanta, was arraigned August 10th after a federal grand jury charged him with two counts of bank fraud and 13 counts of wire fraud, reports CBS.
Mwangi previously owned and operated CAMaster, a Cartersville-based manufacturing firm. Prosecutors allege he targeted First Financial Bank while seeking financing to acquire two Texas companies in 2023.
Authorities accuse Mwangi of falsely claiming he had millions of dollars available as collateral for the loans.
In one alleged instance, he altered a brokerage statement to make it appear that his account contained approximately $22 million. Prosecutors say the account actually held less than $1 million.
Investigators also allege Mwangi submitted a forged document purporting to show that a brokerage firm had acknowledged First Financial’s security interest in the account.
The bank ultimately provided Mwangi with $24 million in financing based on the information he submitted, according to prosecutors.
After receiving the money, Mwangi allegedly continued sending fabricated financial statements to the bank. Prosecutors say he submitted at least 23 false statements in an effort to make it appear that sufficient collateral remained available to cover the loans.
The alleged scheme came under scrutiny after Mwangi stopped making payments and defaulted on the loans last summer.
Says U.S. Attorney Theodore S. Hertzberg,
“Mwangi allegedly conned a bank out of approximately $24 million by forging signatures and fabricating account statements.”
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