A former Cartersville manufacturing executive was arraigned on federal fraud charges this week, accused of forging signatures and fabricating financial statements to con a bank out of roughly $24 million before his company collapsed into liquidation. Thomas Mwangi, 48, who now lives in Atlanta, once owned and operated CAMaster, a Cartersville-based maker of computer numerical control routers.
Federal prosecutors allege Mwangi defrauded First Financial Bank through a series of forged documents, according to FOX 5 Atlanta. U.S. Attorney Theodore S. Hertzberg said Mwangi allegedly conned the bank out of approximately $24 million by forging signatures and fabricating account statements. Federal authorities charged him with two counts of bank fraud and 13 counts of wire fraud following his arraignment.
According to federal prosecutors, Mwangi sent fake financial statements to First Financial Bank on at least 23 occasions and falsified a brokerage statement that claimed he held $22 million in assets. In reality, prosecutors say, he had less than $1 million. He also allegedly provided a forged document purporting to acknowledge the bank's security interest in the underlying deal.
How the Alleged Scheme Unraveled
Prosecutors say Mwangi used the loans he obtained from First Financial Bank in 2023 to finance his purchase of two Texas companies. The bank ultimately lost more than $20 million through the alleged loan scheme, per the article. Mwangi reportedly defaulted on his loan payments last summer, a detail that lines up with the timeline of CAMaster's eventual shutdown.
CAMaster itself had a long run before the trouble surfaced. Founded in 2008 in Cartersville, the company built American-made CNC routers — its Stinger, Panther, and Cobra series — widely used in woodworking and industrial production, according to Woodworking Network. The company permanently ceased operations and entered liquidation on October 20, 2025, halting all production, deliveries, and warranty support after sudden financial trouble, the trade outlet reported.
Federal Charges and Possible Penalties
A federal grand jury returned the indictment against Mwangi on August 4, and he was formally arraigned in federal court on August 10, according to the U.S. Department of Justice. The investigation was conducted by the Federal Bureau of Investigation, with Assistant U.S. Attorney C. Brock Brockington assigned to lead the prosecution.
Under 18 U.S.C. § 1344, a bank fraud conviction carries maximum penalties of up to 30 years in federal prison and fines up to $1,000,000 per count. Wire fraud charges under 18 U.S.C. § 1343 typically carry up to 20 years per count, but penalties rise to as much as 30 years and $1,000,000 in fines per count when the offense affects a financial institution — which applies here given the allegations against First Financial Bank. Federal prosecutors have not released details regarding potential sentencing, nor have they released a schedule for Mwangi's upcoming trial.
FBI Atlanta Special Agent in Charge Marlo Graham warned that the rewards for lying, stealing, and falsifying financial records are serious criminal charges and potential federal prison time. Mwangi is presumed innocent until proven guilty beyond a reasonable doubt, and the indictment contains charges that have not been proven in court.
Part of a Broader Federal Crackdown
The case fits into a wider pattern of federal scrutiny over corporate loan fraud in the Atlanta area. In April, the U.S. Department of Justice established the National Fraud Enforcement Division to intensify investigations into corporate deception, loan fraud, and financial institution manipulation nationwide. The Northern District of Georgia has brought several such cases in the past year, including a 38-count indictment unsealed in August 2025 charging three metro Atlanta residents in a $2 million fraudulent loan scheme, and a May indictment targeting an alleged scheme involving $4.9 million in stolen financial instruments and fraudulent bank accounts across local institutions.
