Overview
- Thomas Mwangi, 48, was arraigned on Aug. 10 after a federal grand jury indicted him on two counts of bank fraud and 13 counts of wire fraud.
- Prosecutors allege Mwangi sought $24 million from First Financial Bank in 2023 to buy two Texas companies and used falsified documents to win approval.
- Charging documents say he altered a brokerage statement to show about $22 million when his account held under $1 million and submitted a forged acknowledgement of the bank’s security interest.
- After funding, prosecutors say Mwangi provided at least 23 fake financial statements to the bank and then defaulted on loan payments last summer.
- The FBI is continuing its probe, Assistant U.S. Attorney Dwayne A. Brown Jr. is prosecuting, no trial date has been set, and Mwangi is presumed innocent until proven guilty.