Central Texas businessman charged in ongoing fraud investigation, sheriff says
GATESVILLE, Texas (KWTX) - The chief executive officer of Mavrick Rentals LLC was arrested in connection to an ongoing fraud investigation, the Coryell County Sheriff’s Office announced on Dec. 11.
Timothy Cottongim, 32, of Gatesville, is charged with misapplication of fiduciary property over $300,000, a first-degree felony, the sheriff’s office said.
Investigators learned about the allegations on Oct. 8 when they received a complaint alleging Cottongim had “misapplied corporate monies, falsified federal contracts, and falsified documents to obtain credit,” an affidavit states.
According to the court document, a review of bank records for Mavrick Rentals revealed transactions “that were not consistent with business expenses, including vet bills, personal health care bills, transfers of more than $70,000 to the personal cash app of Timothy Cottongim, grocery shopping bills, and other non-business related expenses.”
During a police interview, Cottongim “admitted to using the business account for personal expenditures,” the affidavit states.
“This arrest reflects Sheriff Scott Williams’ continued commitment and that of the entire Coryell County Sheriff’s Office and our federal partners to thoroughly investigate Fraud and take appropriate action when evidence supports criminal charges,” the sheriff’s office wrote in a social media post.
The investigation is ongoing and is being conducted by the Coryell County Sheriff’s Office Criminal Investigation Division (CID) Office, United States Army Criminal Investigations Division, and the United States Secret Service.
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