A Texas radio host who confessed to scamming both elderly and Christian listeners out of millions of dollars in a ponzi scheme has been sentenced to 25 years in prison.
William Neil “Doc” Gallagher pleaded guilty Friday to one count each of theft of more than $300,000, money laundering of more than $300,000 and securities fraud of more than $100,000, according to the Dallas Morning News. The 79-year-old must also pay $10.4 million in restitution to his victims, per his plea agreement with prosecutors.
Gallagher, the former host of “The Money Doctor,” used his radio show to target older Christian listeners. Prosecutors said he would meet with them to discuss their finances, guaranteeing annual returns of 5% to nearly 9% if they invested in securities with him.
He described it as a “retirement income you’ll never outlive,” according to the criminal complaint.
Gallagher, who wasn’t licensed to advise clients on securities, netted up to $29.2 million from about 60 investors between December 2014 and January 2019, authorities said. By Jan. 31, 2019, those accounts contained just $821,951.
Authorities said Gallagher operated a Ponzi scheme, paying out about $5.9 million to early investors with cash from newer investors. He also used millions for payroll, radio expenses as well as personal expenses and legal costs.
Gallagher was indicted and arrested in March 2019. His assets were immediately frozen and he has been in custody ever since.
“He took advantage of some of the most vulnerable people in our society,” lead prosecutor Alexis Goldate said in a written statement. “He targeted elderly investors and individuals attracted to his Christian ideals and then stole from them.”
We’re willing to bet all the people he swindled watch Fox News.