Texas radio host gets 25 years behind bars for scamming Christian listeners out of millions of dollars – By Jessica Schladebeck (New York Daily News) / April 4 2020
A Texas radio host who confessed to scamming his elderly and Christian listeners out of millions of dollars in a ponzi scheme has been sentenced to 25 years behind bars.
William Neil “Doc” Gallagher pleaded guilty Friday 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, according to the Dallas Morning News. The 79-year-old must also pay $10.4 million in restitution to his victims, per his plea agreement with prosecutors.
Gallagher, the former host of “The Money Doctor,” used his radio show to target older Christian listeners. Prosecutors said he would meet with them to discuss their finances, guaranteeing annual returns of 5% to nearly 9% if they invested in securities with him.
He described it as a “retirement income you’ll never outlive,” according to the criminal complaint.
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