A 70-year-old Grand Prairie, Texas, attorney has been arrested on federal charges accusing him of running a $1.45 million Ponzi scheme built around property tax lien investments, then forging documents and pressuring a witness to flee the country to obstruct the SEC’s investigation into his conduct.
David Thomas Gilchrist was charged in a criminal complaint in the Northern District of Texas with wire fraud, aggravated identity theft, and witness tampering. In a parallel civil case, the Securities and Exchange Commission charged Gilchrist with securities fraud tied to four separate securities offerings, and separately charged former radio host and podcaster Christopher “Aaron” Novinger with soliciting investors for two of them.
Forged deeds and a warning to leave the country
Prosecutors say Gilchrist told roughly 20 investors between April 2023 and January 2026 that their money would go toward purchasing property tax liens across Texas counties. Instead, he allegedly commingled the funds, diverted money for personal use, and used new investor deposits to keep paying earlier investors, returning only about $789,000 of the $1.45 million collected.
The complaint alleges Gilchrist forged quitclaim deeds using unauthorized notary stamps and signatures to cover his tracks. Ahead of his scheduled SEC testimony in April and May 2026, prosecutors say he visited a witness’s home, invoked the FBI, and urged the couple to “take a vacation” in Mexico for several years.
“He didn’t just defraud innocent people out of their savings, he allegedly forged documents, lied to federal regulators and tried to intimidate witnesses,” U.S. Attorney Ryan Raybould said in announcing the charges.
Gilchrist was arrested and made an initial court appearance shortly after. If convicted, he faces up to 20 years in prison on the wire fraud and witness tampering counts, plus a mandatory consecutive two-year sentence for aggravated identity theft. He has not yet entered a plea.
Sources: U.S. Attorney’s Office, Northern District of Texas · FOX 4 Dallas-Fort Worth
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