Longview man accused of misusing $200K worth of clients' money

Longview man accused of misusing $200K worth of clients' money
David Wolchansky (Source: Gregg County Judicial Records)

LONGVIEW, TX (KLTV) - A Collin County grand jury has indicted a Longview man accused of breaking an agreement to invest his clients' money and using it for his own gain.

David Alan Wolchansky, 51, is charged with first-degree misapplication of fiduciary property and first-degree money laundering.

Wolchansky was booked into the Gregg County Jail on March 19 and posted a $40,000 bond the same day.

The indictments were released to KLTV on Thursday.

One indictment lists 53 different clients who Wolchansky told he would invest their money in an oil and gas program but instead used the money for his own benefit. The indictment states he misapplied over $200,000 between the dates of July 8, 2010, and March 31, 2011.

Federal court records show Wolchansky's company, Granite Resources, filed for Chapter 13 bankruptcy in April of 2017. Wolchansky also filed for Chapter 7 bankruptcy in 2003. That case was closed in 2004.

A document in the current bankruptcy case alleges one client requested audits of each of the oil and gas programs in which they invested.

"After inexplicable delays, Granite refused to produce the documents from with the uses of the (redacted) investment proceeds could be discerned. Meanwhile, during the course of conferring with Defendant David Wolchansky, Plaintiff (redacted) learned for the first time that oil and gas investments in particular projects were used to pay cost overruns on other projects, suggesting serious misapplications of fiduciary property and fraud," the document states.

As of Friday, Wolchansky has no court dates scheduled.

Copyright 2018 KLTV. All rights reserved.