FORT WORTH, Texas - An Arlington man with ties to several churches in Arlington and Mansfield has been federally indicted on allegations that he defrauded more than 50 investors through church-related real estate and ministry investment schemes.
The U.S. Attorney's Office for the Northern District of Texas announced that a federal grand jury in Fort Worth indicted 53-year-old Richard Reinaldo Garcia on June 2.
Garcia is charged with one count of conspiracy to commit wire fraud, two counts of wire fraud and one count of aggravated identity theft.
According to the indictment, Garcia and others allegedly operated the scheme between August 2021 and April 2025 by soliciting investments through church-related entities while promising substantial financial returns.
Federal prosecutors allege Garcia encouraged victims to invest in "church flipping" real estate renovation projects and joint venture agreements involving Christian music concerts and other church programs.
Instead of using the money for those purposes, prosecutors allege Garcia diverted investor funds to pay his own personal expenses and business operating costs.
The indictment alleges Garcia controlled bank accounts associated with several church-related entities, including Ministerio Gracia, Iglesia Gracia de Texas, Gracia Church of Texas and Pesar de Todo, LLC.
According to prosecutors, Garcia instructed victims to wire money into those accounts and identify the payments as donations to Gracia Church, even though the funds were allegedly being solicited as investments connected to the fraudulent scheme.
Federal authorities estimate that more than 50 victims across the United States and internationally lost more than $3.2 million.
U.S. Attorney Ryan Raybould said the alleged scheme exploited victims' religious faith for financial gain.
"The defendant allegedly took advantage of his victims' faith by promising significant profits through investment opportunities but instead used their funds to selfishly enrich himself at their expense," Raybould said.
The FBI is encouraging anyone who believes they may have been a victim of the alleged scheme to complete a victim information questionnaire available in English and Spanish on the agency's website.
Garcia's trial is scheduled to begin Oct. 13 in Fort Worth.
If convicted, he faces up to 20 years in federal prison on each conspiracy and wire fraud count, along with a mandatory consecutive two-year prison sentence on the aggravated identity theft charge.
An indictment is a formal accusation, and Garcia is presumed innocent unless and until proven guilty in court.
The FBI's Fort Worth Resident Agency investigated the case. Assistant U.S. Attorney Mac McDonald is prosecuting the case.
