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A Christian radio host will spend life behind bars over an elaborate Ponzi scheme that targeted his elderly listeners.
According to CBS affiliate KTVT, 80-year-old William Neil Gallagher received three life sentences Monday for a 10-year scam in which he bilked victims out of millions of dollars. Authorities say Gallagher, aka “The Money Doctor,” had used his platform to convince audience members to invest with his Gallagher Financial Group. More than a dozen victims, most of whom were between the ages of 60-90, say they ultimately lost anywhere from $50,000 to $600,000 in the investment scam, which they were told would generate “risk-free income.” But rather than invest those funds, Gallagher reportedly transferred that money into a single bank account, which he used to pay earlier investors.
Some of the victims said the losses forced them to sell their homes, borrow money from relatives, and even re-enter the workforce to supplement their social security benefits.
“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. “He ruthlessly stole from his clients who trusted him for almost a decade. He amassed $32 million in loss to all of his clients and exploited many elder individuals. He worked his way around churches preying on people who believed he was a Christian.”
William Neil ‘Doc’ Gallagher, 80, was sentenced to three life terms in Tarrant County for bilking elderly listeners of his ‘Money Doctor’ show out of $32million pic.twitter.com/meL89Gf276
— Space-reporter-news (@Spacereportern1) November 2, 2021
Gallagher was sentenced to 25 years in prison on similar charges back in 2020. His latest sentencing stems from an Aug. 31 court hearing, in which he pleaded guilty to multiple charges, including securing the execution of a document by deception for an amount greater than $200,000, theft of property more than $300,000, and misapplication of fiduciary property or property of financial institution of more than $300,000. Texas State District Judge Elizabeth Beach also hit him with a 30-year sentence for forgery against the elderly, and two counts of exploitation of the elderly.
The sentences will be served concurrently.
