A Grand Prairie attorney was arrested on Monday facing federal charges for wire fraud, aggravated identity theft and witness tampering.
A Grand Prairie attorney was arrested on Monday, Aug. 31, on federal charges for wire fraud, aggravated identity theft and witness tampering.
David Thomas Gilchrist is accused of running a Ponzi scheme between April 2023 and January 2026, in which he received $1.45 million from investors and returned $789,000 of it.
Court documents allege that Gilchrist forged notary documents to mislead the U.S. Securities and Exchange Commission.
“Mr. Gilchrist’s alleged conduct strikes at the heart of investor trust and the integrity of our financial system,” said U.S. Attorney Ryan Raybould in a news release. “He didn’t just defraud innocent people out of their savings, he allegedly forged documents, lied to federal regulators and tried to intimidate witnesses to cover his tracks. We will not hesitate to pursue anyone who attempts to deceive investors or undermine federal investigations, and we remain committed to working with our great partners at the SEC to hold offenders accountable.”
According to the arrest affidavit, Gilchrist allegedly entered partnerships with around 20 victims to purchase property tax liens, but instead used it for personal expenses and to pay off other investors.
When the SEC opened an investigation against Gilchrist, he allegedly provided fake documentation that contained real notary stamps and signatures. None of them approved Gilchrist to use their credentials.
According to the complaint, Gilchrist would sporadically pay back his clients, but would come up with excuses such as government shutdowns and even claiming to be hospitalized to delay payments.
Gilchrist is expected to appear before a U.S. magistrate judge on Sept. 2. If convicted, he faces a maximum of 20 years in prison for each of the wire fraud and tampering charges and a mandatory two-year sentence for aggravated identity theft.
In addition to the criminal charges, the SEC’s Chicago regional office filed a civil complaint accusing Gilchrist of securities fraud.
“Attorneys play a vital role in the SEC’s investor protection mission,” said SEC Inspector General Kevin Muhlendorf in a news release. “Where any individual, but especially an attorney, seeks to obstruct SEC Enforcement investigations through lies, fake documents, or witness tampering, SEC OIG will use our law enforcement authority to pursue them with our partners at the Department of Justice.”
Gilchrist did not respond to a request for comment.
Fort Worth Star-Telegram
Maven Navarro is a local news reporter at the Star-Telegram. She covers Fort Worth and Tarrant County.