Litigation Releases (David T. Gilchrist, Christopher Aaron Novinger, Rebecca Novinger)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26624 / August 31, 2026

Securities and Exchange Commission v. David T. Gilchrist, et al., No. 3:26-cv-02953-Z (N.D. Tex. filed Aug. 31, 2026)

SEC Charges Texas Attorney and Texas-Based Podcast Host for Multiple Alleged Offering Frauds

On August 31, 2026, the Securities and Exchange Commission filed charges against Texas attorney David T. Gilchrist for allegedly conducting four fraudulent securities offerings between 2021 and 2025, and against Texas-based podcast host Christopher "Aaron" Novinger for allegedly soliciting investors in two of the fraudulent offerings.

The SEC's complaint alleges that from at least March 2021 through at least October 2025, Gilchrist raised more than $1.85 million from at least 22 investors in four fraudulent securities offerings. According to the complaint, while Gilchrist told one investor he would use their money to advance settlement payments to class action plaintiffs, and other investors he would use their money to buy tax liens on properties with delinquent taxes, in reality, Gilchrist misappropriated investor money for his own purposes and used it to make Ponzi-like payments to other investors. The complaint further alleges that Novinger solicited investors in two offerings, and, in one of the offerings, Novinger facilitated the transfer of investor money to Gilchrist and falsely told two investors that he had personally invested in the offering. According to the complaint, Novinger's conduct violated a 2016 SEC order barring him from associating with a broker.

The SEC's complaint, filed in the U.S. District Court for the Northern District of Texas, charges Gilchrist and Novinger with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint also charges Novinger with violating Sections 15(a) and 15(b)(6)(B)(i) of the Exchange Act, and with aiding and abetting Gilchrist's violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. The complaint names Novinger's wife, Rebecca Novinger, as a relief defendant and seeks disgorgement of her ill-gotten gains with prejudgment interest.

In a parallel action, the U.S. Attorney's Office for the Northern District of Texas has filed criminal charges against Gilchrist.

The SEC's investigation was conducted by James G. O'Keefe and Trevor Schumacher and supervised by Steven L. Klawans and Caryn Trombino. The litigation will be led by Jonathan S. Polish, and supervised by Eric M. Phillips. The SEC appreciates the assistance and cooperation of the Oklahoma Department of Securities, the SEC's Office of the Inspector General, and the Office of the United States Attorney for the Northern District of Texas.