A Georgia businessman has been accused of acquiring $24 million in financial institution loans utilizing allegedly solid paperwork and fabricated monetary data.
Thomas Mwangi, 48, of Atlanta, was arraigned August tenth after a federal grand jury charged him with two counts of financial institution fraud and 13 counts of wire fraud, experiences CBS.
Mwangi beforehand owned and operated CAMaster, a Cartersville-based manufacturing agency. Prosecutors allege he focused First Monetary Financial institution whereas in search of financing to accumulate two Texas corporations in 2023.
Authorities accuse Mwangi of falsely claiming he had hundreds of thousands of {dollars} out there as collateral for the loans.
In a single alleged occasion, he altered a brokerage assertion to make it seem that his account contained roughly $22 million. Prosecutors say the account really held lower than $1 million.
Investigators additionally allege Mwangi submitted a solid doc purporting to indicate {that a} brokerage agency had acknowledged First Monetary’s safety curiosity within the account.
The financial institution in the end supplied Mwangi with $24 million in financing based mostly on the data he submitted, in accordance with prosecutors.
After receiving the cash, Mwangi allegedly continued sending fabricated monetary statements to the financial institution. Prosecutors say he submitted at the very least 23 false statements in an effort to make it seem that enough collateral remained out there to cowl the loans.
The alleged scheme got here below scrutiny after Mwangi stopped making funds and defaulted on the loans final summer season.
Says U.S. Legal professional Theodore S. Hertzberg,
“Mwangi allegedly conned a financial institution out of roughly $24 million by forging signatures and fabricating account statements.”
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