A Texas radio host who confessed to defrauding his elderly and Christian listeners in millions as part of a scheme was sentenced to 25 years in prison.
William Neil “Doc” Gallagher Pleaded Guilty Friday To Charges For Theft Over $ 300,000, Money Laundering Over $ 300,000 And Securities Fraud Over $ 100,000, Dallas Reports Morning News. The 79-year-old also has to pay $ 10.4 million in compensation to his victims, in accordance with his plea agreement with prosecutors.
Gallagher, the former host of The Money Doctor, used his radio show to target older Christian listeners. Prosecutors have said he will meet with them to discuss their finances, guaranteeing annual returns of 5% to almost 9% if they invest in securities with him.
He described it as “retirement income you will never survive,” according to the criminal complaint.
Gallagher, who was not allowed to advise clients on the securities, reported up to $ 29.2 million to around 60 investors between December 2014 and January 2019, authorities said. As of January 31, 2019, these accounts contained only $ 821,951.
Authorities have said Gallagher operates a Ponzi scheme, paying approximately $ 5.9 million to early stage investors with money from new investors. He also used millions for payroll, radio expenses, as well as personal and legal expenses.
Gallagher was charged and arrested in March 2019. His assets were immediately frozen and he has been in detention ever since.
“It has taken advantage of some of the most vulnerable people in our society,” said chief prosecutor Alexis Goldate in a statement. “He targeted and then stole elderly investors and individuals attracted to his Christian ideals.”
Gallagher faces additional costs in Tarrant County.
With News Wire Services