Mathis was arrested Thursday night. He was released from the Floyd County Jail on a $500,000 bond to the Polk County Sheriff's Office, then was released from the Polk County Jail on $25,000 bond.
Warrants say the 45-year-old Mathis is accused of taking money with a promise to purchase cattle, but instead converted the funds for his own use.
Mathis resigned as judge May 13. District Attorney Leigh Patterson said she had received information about allegations of misconduct by Mathis.
Mathis did not return a telephone call to his home on today seeking comment.