Radio host gets 25 years in Ponzi scheme targeting listeners

Source: Associated Press

Updated 2:15 pm CDT, Thursday, April 2, 2020



Photo: AP
This undated photo provided by the Dallas County Sheriff's Department shows William

Neil Gallagher. Gallagher, a financial consultant and radio host who stole more than $20

million from investors, has been sentenced to 25 years behind bars after reaching a plea

agreement with Dallas County prosecutors. Gallagher, pleaded guilty Friday, March, 10,

2020,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.

(Dallas County Sheriff's Department via AP)

DALLAS (AP) -- A Texas radio host and financial consultant who admitted to conning elderly listeners out of millions of dollars in a Ponzi scheme was sentenced to 25 years in prison.

The sentence was imposed as part of a plea deal that William Neil "Doc" Gallagher, 79, agreed to on Friday with Dallas County prosecutors, the Dallas Morning News reported. The North Richland Hills man was ordered to pay more than $10 million in restitution.

Gallagher targeted older, Christian listeners of his show, called "The Money Doctor," and met with them to discuss what he said was risk-free income, prosecutors said. He guaranteed annual returns of 5% to nearly 9% if they invested in securities with him, according to the criminal complaint. He described it as a "retirement income you'll never outlive."

Gallagher, who wasn't licensed to advise clients on securities, received up to $29.2 million from about 60 investors from December 2014 to January 2019, authorities said. By Jan. 31, 2019, those accounts contained just $821,951.




Read more: https://www.chron.com/news/texas/article/Radio-host-gets-25-years-in-Ponzi-scheme-15174816.php