An Arlington man, Richard Reinaldo Garcia, has been indicted on federal wire fraud and identity theft charges related to a scheme that exploited church-related investment opportunities. Federal prosecutors allege that Garcia defrauded over 50 victims, both domestically and internationally, by promising high returns from investments in “church flipping” projects, Christian concerts, and various church programs.
Garcia reportedly controlled several bank accounts linked to various churches and directed victims to transfer money under the guise of donations instead of legitimate investments. The scheme is said to have involved over $3.2 million from the victims, while Garcia used the funds for personal expenses.
The trial is set for October 13 in Fort Worth, and if convicted, Garcia could face up to 20 years for each wire fraud-related charge, in addition to a mandatory two-year sentence for aggravated identity theft. The FBI is also encouraging potential victims to report their experiences through a questionnaire available in English and Spanish.
