A Texas radio host was sentenced this Monday to three life sentences over a Ponzi scheme he ran that targeted senior citizens, the New York Daily News reports.
From the Daily News:
William Neil “Doc” Gallagher, 80, and his Gallagher Financial Group hosted “The Money Doctor” on a number of Christian radio stations and advertised with the slogan “See you in church on Sunday.” According to prosecutors, Gallagher met with some listeners to offer them personal investing advice and told them they could earn a “retirement income you’ll never outlive” if they invested with him.
Gallagher reportedly stole more than $29 million over more than four years before authorities caught up to him in early 2019.
Gallagher’s guilty plea in August to the charges came one year after he pleaded guilty to similar Ponzi scheme charges in Dallas County.
Over a dozen victims testified that they lost anywhere from $50,000 to $600,000 that they invested in the Gallagher Financial Group. Some said they had to sell their homes, borrow money from their children or take part-time jobs to soften the losses. As CBS News points out, Gallagher and group advertised on Christian radio and promoted his group in books, such as “Jesus Christ, Money Master,” and on Christian radio broadcasts.
“Doc Gallagher is one of the worst offenders I have seen,” said Lori Varnell, chief of the Tarrant County District Attorney’s Elder Financial Fraud team.
Read it over at the New York Daily News.