Georgetown builder indicted in $10M fraud
He’s accused of personal use of customers’ money
A Williamson County luxury homebuilder has been indicted for a fraud involving more than $10 million of his customers’ money, according to the Texas attorney general’s office.
A grand jury indicted Norman Ashby, 46, of Georgetown on Feb. 13 for misapplication of fiduciary property, theft of services and tampering with a witness, according to a news release from the attorney general’s office on Friday. All the charges are first-degree felonies punishable by up to 99 years in prison.
Over the years, Ashby collected millions of dollars from customers to build homes, the release said. “Many of these homebuyers paid for nearly the entire project in cash — often amounts approaching or exceeding $1,000,000,” it said.
Ashby did not put his customers’ money into a trust account, as required by law, but used it for personal purchases and for other projects not connected to a specific customer’s deposit, the release said. Ashby owns Ashby Signature Homes, a luxury homebuilder based in Georgetown, according to the business’s website.
“We can make your homebuilding dream a reality,” says the website that also include testimonials from customers in 2019, including one that said Ashby
built a “great house” for a “fair price.” The phone number for the business was disconnected when called on Friday.
The release contained no further information about the charges, including details about what Ashby is accused of spending the money on or how long the alleged fraud lasted. The Criminal Investigations Division of the attorney general’s office investigated the case and will prosecute it.
Ashby was arrested Wednesday and released from the Williamson County Jail on the same day after posting bail of $125,000, according to the jail website.