A Georgetown homebuilder was booked into jail last week after a Williamson County grand jury handed down three felony indictments against him.
Norman Ashby, 46, stands accused of misapplication of fiduciary property, theft of services and tampering with a witness, according to the Office of the Attorney General of Texas, KXAN reported. He was arrested Feb. 21, posted $125,000 in bonds and was released the same day, Williamson County Jail records show.
It was unclear last week whether Ashby had an attorney, the outlet said.
The Attorney General’s office alleges that Ashby, who owns Ashby Signature Homes, amassed millions of dollars from clients over several years for home construction projects in Williamson County. But instead of placing those funds in a trust account, as required by law, Ashby allegedly mingled them with personal finances and accounts of unrelated ventures.
Many of Ashby’s clients reportedly paid substantial sums, often surpassing $1 million in cash for their projects.
“Those funds were then used for personal purchases by Ashby and for projects not related to a specific customer’s deposit,” a news release from the attorney general’s office states.
The alleged fraud exceeded $10 million, the release said. The attorney general’s office is prosecuting Ashby, and the investigation is ongoing.
Ashby Signature Homes is a luxury homebuilder based in the rapidly-growing north Austin suburb of Georgetown. The company has projects in local subdivisions the Peninsula, Estates of Westlake, Twin Springs Preserve and Maravilla, according to its website.
Georgetown’s population has nearly doubled from 47,400 in 2010 to 86,500 in 2022, according to the U.S. Census Bureau.
—Quinn Donoghue
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