TX Christian Radio Host Gets 25 Years In $20M Scam

The Dallas Morning News reports:

William Neil “Doc” Gallagher, a financial consultant and radio host who stole more than $20 million from investors, has been sentenced to 25 years behind bars after he reached a plea agreement with Dallas County prosecutors.

Gallagher, 79, 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. In addition to the prison term, the former host of The Money Doctor has been ordered to pay about $10.4 million in restitution to his victims.

Prosecutors said he targeted elderly Christian listeners of his radio show and recommended they meet with him to discuss their investments. In those meetings, he promised them annual returns of 5% to nearly 9% if they invested in securities with him — calling it “retirement income you’ll never outlive,” according to a criminal complaint.

The New York Post reports:

“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.”

Authorities said Gallagher dished out roughly $5.9 million to early investors by using newer investors’ capital. He also used several million dollars for payroll, radio and website costs and personal outlays such as legal fees.

Gallagher has been behind bars since his March 2019 arrest. After the indictment, the Gallagher Financial Group’s assets were frozen and a lawyer was appointed to manage the funds. Following his plea, authorities said Gallagher apologized to his friends and family. He faces more charges in Tarrant County.

Among Gallagher’s books are “Jesus Christ, Money Master.”