An attorney in Texas is facing charges in connection with an alleged Ponzi scheme that defrauded investors, and for attempting to mislead the U.S. Securities and Exchange Commission (SEC), which was investigating the scheme.
In a criminal complaint filed in the Northern District of Texas, an attorney, David Thomas Gilchrist, was charged with wire fraud, aggravated identity theft and witness tampering.
In a parallel civil proceeding, the SEC charged Gilchrist with securities fraud in connection with a series of four securities offerings. The regulator also charged a former radio host and podcaster, Christopher “Aaron” Novinger, for allegedly soliciting investors for two of the offerings.
The SEC’s complaint alleges that between March 2021 and October 2025, Gilchrist solicited investors for schemes that promised high returns from investing in class action settlements and tax liens. In fact, it alleged that Gilchrist misappropriated investors’ money to pay returns to earlier investors and for his own use.
It also alleged that Novinger violated securities rules by aiding and abetting the schemes, and that he violated the terms of a previous SEC enforcement action that banned him from associating with any broker, among other sanctions.
In addition, U.S. authorities alleged that, after the SEC began investigating, Gilchrist provided the regulator with forged documents and made false claims in sworn testimony to investigators.
“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 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,” he said.
None of the allegations have been proven, and Gilchrist is presumed to be innocent of the criminal charges.