The U.S. government has charged 70-year-old Grand Prairie attorney David Thomas Gilchrist with operating an alleged $1.45 million Ponzi-style scheme from April 2023 to January 2026. Prosecutors accuse him of wire fraud, aggravated identity theft and witness tampering, and allege he falsified quitclaim deeds using stolen notary stamps and signatures. Authorities say he collected about $1.45 million, repaid roughly $789,000, and allegedly pressured an undocumented woman and her husband — even urging them to leave for Mexico; the SEC has filed a separate civil complaint.
Texas Lawyer Accused Of $1.45M Ponzi Scheme, Allegedly Pressured Couple To Flee To Mexico
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A Grand Prairie attorney has been federally charged after prosecutors allege he ran a multi-year $1.45 million Ponzi-style scheme that drained investors' savings and escalated into forged documents and witness intimidation.
Federal prosecutors identify the defendant as 70-year-old David Thomas Gilchrist. In a criminal complaint filed this year, authorities say Gilchrist committed wire fraud, aggravated identity theft and witness tampering, according to Fox 4 News and an official press release.
Prosecutors allege the scheme began in April 2023, when Gilchrist entered into partnership agreements and promissory-note deals with roughly 20 people, telling them their funds would be used to purchase property tax liens across several Texas counties. Investigators contend the funds were not invested as promised.
Instead, prosecutors say Gilchrist commingled investor money, used some funds for personal expenses, and relied on cash from new participants to make payments to earlier investors—a pattern consistent with Ponzi-style fraud. Authorities say he collected about $1.45 million between April 2023 and January 2026 and repaid approximately $789,000.
When investors pressed for repayment, the complaint alleges, Gilchrist made intermittent payments and offered shifting explanations for delays, including claims of a government shutdown, an arson investigation and hurricane-relief work.
Officials also allege Gilchrist provided the Securities and Exchange Commission with quitclaim deeds that were falsified using notary stamps and signatures taken without authorization from legitimate Texas notaries. Separately, the SEC's Chicago Regional Office has filed a civil securities fraud complaint against him.
According to the complaint, in sworn SEC testimony in April and May 2026 Gilchrist said he used an undocumented woman to deliver cash directly to Texas homeowners. Prosecutors allege he later visited the woman's home, told her husband the FBI was searching for him, and suggested the couple should "take a vacation" for a few years in Mexico—conduct the government says amounted to witness intimidation.
“Mr. Gilchrist's alleged conduct strikes at the heart of investor trust and the integrity of our financial system,” U.S. Attorney Ryan Raybould said in a statement. “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.”
“Attorneys play a vital role in the SEC's investor protection mission,” SEC Inspector General Kevin Muhlendorf said. “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.”
Gilchrist is expected to make an initial appearance before a U.S. magistrate judge. If convicted, he faces up to 20 years in federal prison on each wire fraud and witness-tampering count, plus a mandatory consecutive two-year sentence for aggravated identity theft.
The allegations have drawn particular attention because they involve an officer of the court and raise broader questions about how legal authority and professional trust can be abused. Related reporting has examined similar intersections of money, influence and public authority, underscoring why allegations of forged documents and witness pressure receive close scrutiny.
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