A 70-year-old Grand Prairie attorney faces federal charges after prosecutors alleged he received approximately $1.45 million from investors through a fraudulent investment scheme, submitted forged documents to the Securities and Exchange Commission and tried to pressure a woman tied to the investigation to leave the country.
Authorities arrested David Thomas Gilchrist on August 31. A criminal complaint charges him with wire fraud, aggravated identity theft and witness tampering, according to the U.S. Attorney’s Office for the Northern District of Texas. He is expected to make his initial appearance before a U.S. magistrate judge Wednesday, September 2.
“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. “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.”
Alleged investment scheme
According to an affidavit filed with the criminal complaint, Gilchrist entered partnerships and promissory notes with roughly 20 investors who provided money to purchase property tax liens in Texas counties.
Investigators allege Gilchrist did not use the investor funds to purchase tax liens. Instead, he commingled the money with other funds and used it for personal expenditures and payments to earlier investors.
Between April 2023 and January 2026, Gilchrist allegedly received approximately $1.45 million from investors while returning about $789,000, according to investigators.
The complaint alleges Gilchrist gave investors sporadic payments and misleading explanations when he failed to repay them. His alleged excuses included a government shutdown, an arson investigation and a hurricane-relief deployment.
In one instance, Gilchrist allegedly claimed he was in a Tennessee hospital after a colectomy. Records cited by investigators showed he instead checked into a gym in Mansfield, Texas.
Alleged forged documents
The complaint alleges the SEC opened an investigation into Gilchrist’s activities and requested supporting documentation.
Gilchrist allegedly provided purported quitclaim deeds that investigators later identified as forgeries. The documents allegedly contained notary stamps and signatures belonging to legitimate Texas notaries who had not authorized Gilchrist to use their credentials.
During sworn testimony before the SEC in April and May 2026, Gilchrist allegedly stated that he had redacted homeowners’ names from the documents and claimed a woman served as an intermediary who identified homeowners and delivered cash to them in Bexar County.
Prosecutors allege Gilchrist falsely portrayed the woman as part of the purported transactions.
Alleged effort to pressure witnesses
Days before his scheduled SEC testimony, Gilchrist allegedly arrived without warning at the woman’s home. According to the affidavit, he told her husband that the FBI was looking for him and advised the couple to “take a vacation” for a couple of years, potentially in Mexico.
Prosecutors allege the encounter was an attempt to prevent authorities from learning information about the transactions.
SEC inspector general investigating
The SEC’s Office of Inspector General is investigating the matter with substantial assistance from the U.S. Marshals Service.
“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,” SEC Inspector General Kevin Muhlendorf said.
The SEC’s Chicago Regional Office has separately filed a civil complaint against Gilchrist alleging securities fraud.
Assistant U.S. Attorneys Alexander Schwab and Douglas Brasher are prosecuting the federal criminal case.
Potential penalties
If convicted of the charges in the criminal complaint, Gilchrist could face a statutory maximum sentence of 20 years in federal prison for each wire fraud and witness tampering charge.
The aggravated identity theft charge carries a mandatory two-year consecutive prison sentence.
A criminal complaint contains allegations, not evidence. The law presumes Gilchrist innocent unless prosecutors prove his guilt beyond a reasonable doubt in court.
Provided by Dallas Express
