‘Money Doctor’ radio host, 80, gets three life sentences plus 30 years for swindling more than 60 elderly Christian listeners out of $32million in Ponzi scheme
- 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
- Gallagher also received an additional 30-year sentence on counts of forgery against the elderly and exploitation of the elderly
- A dozen senior victims testified about losing anywhere from $50,000 to $600,000 invested in the Gallagher Financial Group
- Some of Gallagher’s elderly victims said in court they had to sell their homes, borrow money from their children or take part-time jobs
- Gallagher was sentenced last year in Dallas County to 25 years after pleading guilty to charges related to Ponzi scheme
William Neil ‘Doc’ Gallagher, 80, was sentenced Monday to three life terms in Tarrant County, Texas, for bilking elderly listeners of his ‘Money Doctor’ radio show out of $32million
A Texas radio host known as the ‘Money Doctor’ was sentenced to three life terms on Monday for running a Ponzi scheme in which he bilked more than 60 elderly Christian investors out of more than $30million.
William Neil ‘Doc’ Gallagher, 80, also got an additional 30-year prison sentence from state District Judge Elizabeth Beach for his August guilty pleas. The sentences are to be served concurrently.
The sentencing came after more than a dozen senior victims testified during a three-hour court hearing about losing anywhere from $50,000 to $600,000 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 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.
Gallagher and his Gallagher Financial Group advertised on Christian radio with the tagline, ‘See you in church on Sunday.’ He promoted his investment business in books, such as ‘Jesus Christ, Money Master,’ and on Christian radio broadcasts.
Gallagher has been behind bars since his March 2019 arrest on similar charges filed in Dallas County.
In 2020, he pleaded guilty to those charges and was sentenced to 25 years in prison.
Gallagher and his Gallagher Financial Group advertised on Christian radio with the tagline, ‘See you in church on Sunday’
Dallas County prosecutors said Gallagher targeted older, Christian listeners of his show, and met with them to discuss what he said was risk-free income.
He guaranteed annual returns of 5 per cent to nearly 9 per cent if they invested in securities with him, according to the criminal complaint.
Authorities said he described it as a ‘retirement income you’ll never outlive’.
Gallagher dished out roughly $5.9million to early investors by using newer investors´ capital, ultimately bilking more than 60 investors with the scheme.
Some of Gallagher’s elderly victims said in court they had to sell their homes, borrow money from their children or take part-time jobs
He also used several million dollars for payroll, radio and website costs and legal fees.
He was indicted in Tarrant County in August 2019.
‘He ruthlessly stole from his clients who trusted him for almost a decade. He amassed $32million 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,’ Varnell said in a statement.
On Monday, Judge Elizabeth Beach sentenced Gallagher to life terms on charges of 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.
He was sentenced to another 30 years on counts of forgery against the elderly and exploitation of the elderly.
Some of Gallagher’s victims spoke in court about their struggles with depression and lack of trust.
‘I don’t trust anybody anymore, except for God and my family,’ said Susan Pippi.
Another victim, Judy Dewitt, said she was afraid her money would run out.
‘It’s a very scary thing.’ she added.