Grand Prairie attorney arrested in $1.45M ponzi scheme case
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GRAND PRAIRIE, Texas - A Grand Prairie attorney has been arrested on federal charges alleging he ran a yearslong $1.45 million Ponzi scheme, forged notary documents to mislead federal regulators, and tried to pressure a couple to flee to Mexico to obstruct an investigation, officials announced Tuesday.
Grand Prairie attorney David Thomas Gilchrist arrested
David Thomas Gilchrist, 70, was arrested Monday and is charged by criminal complaint with wire fraud, aggravated identity theft, and witness tampering, according to U.S. Attorney for the Northern District of Texas Ryan Raybould.
What they're saying:
"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. "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."
The backstory:
According to an affidavit filed with the complaint, Gilchrist entered into partnerships and promissory notes with roughly 20 victims starting in April 2023, claiming he would use their funds to purchase property tax liens across Texas counties.
Instead, investigators said bank records reveal Gilchrist commingled investor funds, used the money for personal expenses, and paid off earlier investors to sustain the scheme. Between April 2023 and January 2026, Gilchrist allegedly collected approximately $1.45 million from investors, returning only about $789,000.
When investors demanded returns, Gilchrist offered sporadic payments alongside elaborate excuses to delay repayments, including claims of a government shutdown, an arson investigation, and a hurricane-relief deployment. In one instance, Gilchrist claimed he was hospitalized in Tennessee following surgery, while gym records showed he checked into a facility in Mansfield, Texas, during the same period.
When the Securities and Exchange Commission opened an investigation, Gilchrist allegedly submitted forged quitclaim deeds bearing unauthorized stamps and signatures of legitimate Texas notaries.
During sworn testimony before the SEC in April and May 2026, Gilchrist claimed he used an undocumented woman as an intermediary to deliver cash directly to Texas homeowners.
Federal prosecutors allege that days before testifying, Gilchrist showed up unannounced at the woman’s home, warned her husband that the FBI was looking for him, and urged the couple to "take a vacation" for a few years, suggesting Mexico.
"Attorneys play a vital role in the SEC’s investor protection mission," said SEC Inspector General Kevin Muhlendorf. "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."
The SEC's Chicago Regional Office has also filed a separate civil securities fraud complaint against Gilchrist.
What's next:
Gilchrist is scheduled to make his initial court appearance Wednesday before a U.S. magistrate judge.
If convicted, Gilchrist faces up to 20 years in federal prison for each count of wire fraud and witness tampering, as well as a mandatory consecutive two-year sentence for aggravated identity theft.
The Source: Information in this article is from the United States Attorney for the Northern District of Texas.