A Cartersville manufacturing company owner faces federal charges accusing him of defrauding a bank of about $24 million. 48-year-old Thomas Mwangi of Atlanta, the former owner of CAMaster in Cartersville, is charged with two counts of bank fraud and 13 counts of wire fraud.
According to the U.S. Attorney’s Office for the Northern District of Georgia, Mwangi allegedly obtained a $24 million loan from First Financial Bank in 2023 by making false statements about collateral. Prosecutors say he claimed far more money in a brokerage account than he actually held and presented a forged document that appeared to give the bank a security interest in that account. He then allegedly sent the bank fake financial statements on at least 23 occasions to maintain the appearance of sufficient collateral. The bank later reported that Mwangi defaulted on the loan.
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. 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.
U.S. Attorney Theodore S. Hertzberg said the case involves alleged forgery and fabricated account statements. FBI Atlanta Special Agent in Charge Marlo Graham noted that investigators will continue to pursue those who defraud financial institutions.
