Texas radio host jailed for 25 years after confessing in scamming his Chrisitan listener out of millions of dollars
A Texas radio host gets 25 years in jail for scamming his Christian listeners out of millions of dollars.
79-year-old William Neil “Doc” Gallagher, the former host of “The Money Doctor”, confessed in his scam scheme and Friday pleaded guilty. According to the Dallas Morning News, he was charged with 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.
Gallagher will also pay $10.4 million in restitution to his victims.
The former radio host used his show to target older Christian listeners in a scheme he himself called a “retirement income you’ll never outlive”. He would meet with them to discuss their finances and guaranteed returns of 5% to nearly 9% if they invested in securities with him.
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, and his assets were immediately frozen.
“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.”