A Georgetown homebuilder is in hot water after a Williamson County grand jury handed down an indictment on multiple felony charges, authorities announced. Norman Ashby, 46, was accused of swindling his customers out of more than $10 million, according to the KXAN report released on Thursday.
Slapped with three felony charges including misapplication of fiduciary property, theft of services, both greater than $300,000, and witness tampering – Ashby allegedly diverted the millions he collected for homebuilding projects. According to the Texas Attorney General's Office, the money that should have been placed into a trust account was instead used for his personal splurges, and for projects that had nothing to do with his client's investments.
Williamson County Jail records show that Ashby, owner of Ashby Signature Homes, LLC, was briefly held before making bail, KVUE confirmed. He posted a $125,000 bond. Despite the fresh allegations of his financial misconduct coming to light, as of Friday, attorney information for Ashby has not been made available.
"Many of these homebuyers paid for nearly the entire project in cash—often amounts approaching, or exceeding $1,000,000." the Attorney General's office detailed as obtained by KXAN. Consequently, many of Ashby's clients face the grim reality of their homebuilding dreams collapsing under the weight of deceit, while Ashby's handling of the funds stands as a stark betrayal of trust. The investigation by the Criminal Investigations Division of the OAG is currently ongoing.
With over $10 million at stake, the Attorney General's office promises a vigorous prosecution, led by its Criminal Prosecutions Division, to seek justice for Ashby's alleged victims.
