The Securities and Exchange Commission charged Texas attorney David T. Gilchrist and Burleson podcast host Christopher Aaron Novinger on August 31, 2026 over four fraudulent securities offerings. The complaint, filed in federal court in Dallas, alleges the scheme raised more than $1.85 million from at least 22 investors between March 2021 and October 2025.
What happened in the Gilchrist offering fraud
According to the SEC, Gilchrist pitched four offerings over roughly four and a half years. He told one investor their money would advance settlement payments to class action plaintiffs. He told others their funds would buy tax liens on properties with delinquent taxes.
The complaint says neither story was true. Gilchrist allegedly misappropriated investor money for his own purposes and used part of it for Ponzi-style payments to earlier investors. The U.S. Attorney’s Office for the Northern District of Texas filed parallel criminal charges against him.
Key facts from the complaint
| Item | Detail |
|---|---|
| Litigation release | LR-26624, announced August 31, 2026 |
| Court | U.S. District Court, Northern District of Texas, Dallas Division |
| Defendants | David T. Gilchrist, Grand Prairie attorney; Christopher Aaron Novinger, Burleson retirement planner and podcast host |
| Relief defendant | Rebecca Novinger |
| Amount raised | More than $1.85 million from at least 22 investors |
| Offerings | Four, running from March 2021 through at least October 2025 |
| Parallel criminal case | DOJ charges against Gilchrist in the Northern District of Texas |
Novinger’s role and the 2016 bar
The complaint alleges Novinger solicited investors for two of the offerings and moved investor money to Gilchrist. He also told at least two investors he had personally invested in the offering, which the SEC says was false.
That conduct violated a 2016 SEC order that barred Novinger from associating with a broker, according to the complaint. In the third offering alone, 18 investors collectively gave Gilchrist about $1.3 million after hearing the tax lien pitch.
InvestmentNews reported that Novinger spent months asking Gilchrist for proof the liens were real and received nothing. He kept selling, the SEC alleges, and once texted Gilchrist: "I got tons more coming!" The complaint adds a jarring detail: Novinger runs an annual bicycle ride called "Pedaling Against Ponzis" that benefits victims of a separate Ponzi scheme.
How the offerings were pitched
| Pitch | What investors were told | What the SEC alleges |
|---|---|---|
| Class action settlements | Money would advance payments to class action plaintiffs | Funds were misappropriated |
| Tax liens | Money would buy liens on delinquent-tax properties | No liens were purchased |
| Investor payouts | Returns from settlements and liens | Ponzi-style payments from newer deposits |
| Novinger’s own stake | Novinger claimed he invested personally | The SEC says he never did |
Why offering fraud cases matter for retirement investors
Tax lien and legal settlement pitches sound safer than stocks because they claim to sit outside the market. That framing is exactly what makes them effective with retirees who prioritize capital preservation.
The lesson is verification. Real lien purchases produce county records, and real settlement advances produce court filings. An offering that cannot show either within days deserves a pass, whatever the promised return.
What affected investors can do now
Investors who put money into any Gilchrist offering should collect subscription agreements, wire records, and every communication with Novinger or Gilchrist. The criminal case and the SEC action can move separately from private claims.
Parallel DOJ charges mean affected investors may also have a voice in the criminal process through restitution requests. Documentation built today strengthens every avenue, from civil claims to creditor petitions.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in investment fraud recovery cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
- Main Phone: 1-888-885-7162
- website for a free consultation
Offices in Florida, New York, Arizona, Texas, and North Carolina. Former Wall Street defense attorneys with 95+ years of combined experience. No recovery, no fee.
