business

**Atlanta Businessman Charged with $24 Million Bank and Wire Fraud Scheme**

Published on 19/08/2026 09:23 in business • Betty Brown

Thomas Mwangi, a 48-year-old Atlanta businessman and former owner of a Cartersville manufacturing company, has been indicted on federal bank and wire fraud charges. Prosecutors allege Mwangi obtained $24 million in loans from First Financial Bank by using falsified financial records and forged documents.

<strong>Atlanta Businessman Charged with Million Bank and Wire Fraud Scheme</strong>decoding="async">

Atlanta Businessman Charged with Million Bank and Wire Fraud Scheme

According to the U.S. Attorney's Office for the Northern District of Georgia, Mwangi defrauded the bank while seeking financing in 2023 to purchase two companies in Texas. He falsely pledged millions of dollars as collateral and altered a brokerage statement to make it appear he had $22 million when he actually had less than $1 million.

Mwangi provided the bank with a forged document claiming a brokerage firm acknowledged the bank's security interest in his account. Based on these representations, First Financial loaned Mwangi $24 million in 2023. After receiving the loans, he allegedly sent the bank fake financial statements on at least 23 occasions to convince bank officials he still had enough collateral.

Prosecutors said Mwangi defaulted on loan payments last summer. "Mwangi allegedly conned a bank out of approximately $24 million by forging signatures and fabricating account statements," said U.S. Attorney Theodore S. Hertzberg.

Mwangi has not been convicted, as an indictment contains only allegations and he is presumed innocent unless proven guilty beyond a reasonable doubt. The FBI is investigating the case, with Assistant U.S. Attorney Dwayne A. Brown Jr. prosecuting it.