Wichita Falls homebuilder Ricardo Sandoval, owner of Desilu Properties, was arrested last Friday by Wichita Falls Police on charges of misapplication of fiduciary property. Authorities allege that Sandoval was involved in a complex fraud scheme designed to misapply funds, resulting in over $300,000 in losses for clients, subcontractors, and suppliers.
According to a recent affidavit, the investigation began when a law office filed a report with Wichita Falls Police on September 24, claiming that Sandoval had made an agreement in November 2023 to build a home for a client. The contract specified that Union Square Credit Union would oversee the project funds to ensure proper use. However, an audit soon revealed a series of altered invoices and fraudulent documents allegedly used to inflate costs and request funds under false pretenses.
Investigators reported multiple instances of altered invoices and non-payment to subcontractors and suppliers. One building materials business allegedly received no payment despite Sandoval drawing funds meant for them. Additionally, a subcontractor stated his invoice had been altered from $5,000 to $45,000. Another subcontractor claimed his business name was used to submit a fake invoice totaling $100,000.
The investigation suggests that Sandoval’s methods may have impacted additional clients, prompting Wichita Falls Police to urge anyone who contracted him in the past to review all payment records and project documents carefully.
Sandoval was released from Wichita County Jail on a $250,000 bail, while investigators continue to gather information from potential victims. Wichita Falls Police Department financial crimes detectives remain committed to uncovering the full extent of the alleged fraud.