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Thu Apr 2, 2020, 03:54 PM

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









20 replies, 1969 views

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 03:56 PM

1. "targeted older, christian listeners" . . . . nt

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 03:58 PM

2. All the crooks seem to look alike ....

he sure is sleazy and creepy looking.

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Response to CatMor (Reply #2)

Thu Apr 2, 2020, 09:01 PM

17. Grifter Jesus might smite you for that.

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Response to Judi Lynn (Reply #17)

Thu Apr 2, 2020, 09:30 PM

20. Uh oh I better start praying.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 03:59 PM

3. Well, that is one Christian grifter down and about 6 million more to go.

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Response to efhmc (Reply #3)

Thu Apr 2, 2020, 05:06 PM

10. Got that right!

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 03:59 PM

4. Last name trump ?

No,... sorry.

Oh my he looks very friendly and personable.

What a charmer that guy must be.

I hope he stews and rots in his own juices in jail.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 04:05 PM

5. How unusual is that?

he must have had a falling-out with any political friends he had. Probably didn't share.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 04:05 PM

6. They're all just a bunch of filthy grifters. - nt

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 04:13 PM

7. Gotta say, Hollywood couldn't have cast a more sleazy

And corrupt looking guy if they tried.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 04:31 PM

8. Is he the bozo that has the ship's captain hat?

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Response to 3Hotdogs (Reply #8)

Thu Apr 2, 2020, 04:47 PM

9. Here's one of his books:



Oh, christ, here's another one:





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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 05:26 PM

11. The least surprising association - Mike Huckabee.

The least surprising association - Mike Huckabee.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 05:27 PM

12. Hangs around with Joel Osteen

Is anyone surprised?

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 06:28 PM

13. He should have just stolen money from the elderly as a televangelist.


That shit is legal.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 07:44 PM

14. Why are they talking to him? Because they are cons and money worshipers too.

They are of the same mindset. Another dark side of hate talk radio.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 08:23 PM

15. I don't get why you plead for 25 at age 79

Might as well roll the dice at that point, no?

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 08:46 PM

16. 60 investors put up $29 million?

Thatís roughly $433K per person...

Who has 400k to invest with a radio personality?

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Response to EarthFirst (Reply #16)

Thu Apr 2, 2020, 09:16 PM

19. Well, sheep were made to be shorn, as the saying goes . . .

And if you're fool enough to give this asshole your money - not that you deserve it, but . . . God Damn Stop Being So Fucking Stupid.

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Response to Judi Lynn (Original post)

Thu Apr 2, 2020, 09:01 PM

18. Shit, you can get 5 to 9/% from a decent index fund

His PhD is in philosophy from Brown University. He also encouraged his listeners to shelter their money in offshore tax havens, so we know where his dough is.

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