Attorney arrested and charged for allegedly running $1.45M Ponzi scheme
Federal prosecutors have accused an attorney from Grand Prairie, Texas, of running a $1.45 million Ponzi scheme. (Image from Shutterstock)
Federal prosecutors have accused an attorney from Grand Prairie, Texas, of running a $1.45 million Ponzi scheme.
On Tuesday, U.S. Attorney Ryan Raybould of the Northern District of Texas announced that lawyer David Thomas Gilchrist, 70, was arrested and charged with wire fraud, aggravated identity theft and witness tampering.
“Mr. Gilchrist’s alleged conduct strikes at the heart of investor trust and the integrity of our financial system,” Raybould said in a Sept. 1 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.”
Gilchrist allegedly entered into partnerships with about 20 victims for the purpose of purchasing property tax liens in Texas counties but instead used those funds for personal expenses and to repay earlier investors, according to federal prosecutors. Between April 2023 and January 2026, Gilchrist allegedly received $1.45 million from investors and returned only about $789,000.
When the U.S. Securities and Exchange Commission initiated its investigation, Gilchrist allegedly provided forged notary documents, federal prosecutors said. During sworn testimony before the SEC in April and May, Gilchrist said he had redacted the homeowners’ names on the forged documents because “they’re illegal,” and that he also used an “illegal” woman to identify homeowners and deliver cash to them.
Federal prosecutors also alleged that a few days before testifying, Gilchrist suggested that the woman and her husband “take a vacation” to Mexico to prevent federal authorities from learning about the operation.
Gilchrist was expected to make his initial appearance before a U.S. magistrate judge Wednesday. If convicted, he faces a maximum of 20 years in federal prison for each of the wire fraud and witness tampering charges and a mandatory two-year consecutive sentence for aggravated identity theft.
The Fort Worth Star-Telegram has additional coverage.
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