A radio host who marketed himself as the “Money Doctor” has been sentenced for participating in a Ponzi scheme. On November 1, William “Doc” Gallagher was given three life sentences along with a thirty-year sentence stemming from a previous conviction.
Gallagher pleaded guilty on August 31 to a multitude of charges, including theft of property, forgery, and exploiting the elderly. He allegedly amassed around $32 million from his clientele, most of whom were elderly.
Eighty-year-old “Doc” is the owner and manager of the “Gallagher Financial Group,” which proved to be a fraudulent organization.
The group, which has now been removed from online web pages, urged senior citizens to invest in a non-existent securities trust.
The money was being funneled straight to Gallagher and his associates, according to the court hearing.
Gallagher promoted the scheme on Christian radio, promoting himself as a Christian with his tagline, “See you in church on Sunday.”
The formal complaint presented to the court says, “Despite having no valid securities-industry credentials, Gallagher has offered and sold securities, raising at least $19,606,977.97.”
The complaint specifies that Gallagher’s sixty separate victims ranged in age from 62 to 91 years old.
The district court says that Gallagher preyed on senior citizens claiming that his fund would promise a 5%-8% return and deliver consistent retirement income.
The Fort-Worth Business Press noted that some victims “had to sell their homes, borrow money from their children or take part-time jobs to supplement their Social Security payments.”
Some senior citizens suffered depression and trust issues, with one victim stating, “I don’t trust anybody anymore, except for God and my family.”
Lori Varnell, chief of the Tarrant County Criminal District Attorney’s Elder Financial Fraud team, called Gallagher “one of the worst offenders we’ve seen.”