FORT WORTH, Texas – A Texas radio host was sentenced on Monday to three life sentences for a Ponzi scheme in which he got older listeners out of millions of dollars.
William Neil “Doc” Gallagher was also given a 30-year prison sentence by District Judge Elizabeth Beach for his guilty plea in August. The sentences must be served concurrently.
The verdict came after more than a dozen elderly victims during a three-hour court hearing testified to losing anything from $ 50,000 to $ 600,000 invested in 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 benefits.
“Doc Gallagher is one of the worst offenders I’ve seen,” said Lori Varnell, head of the Tarrant County District Attorney’s Elder Financial Fraud team.
Gallagher, 80, and his Gallagher Financial Group announced on Christian radio with the slogan: “See you at church on Sunday.” He promoted his investment business in books, such as “Jesus Christ, the Treasurer,” and on Christian radio broadcasts.
Gallagher has been behind bars since his arrest in March 2019 on similar charges filed in Dallas County. In 2020, he pleaded guilty to these charges and was sentenced to 25 years in prison. He was indicted in Tarrant County in August 2019.
“He ruthlessly stole from his clients, who trusted him for almost a decade. He raised $ 32 million in losses to all his clients and exploited many older individuals. He worked his way around churches and raped people who thought he was a Christian, “Varnell said in a statement.