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
DALLAS — 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.
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.”
Under the plea deal, Gallagher was convicted on one count each of theft of more than $300,000, money laundering of more than $300,000 and securities fraud exceeding $100,000.
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