Christian Radio ‘Money Doctor’ Doc Gallagher Sentenced to 3 Life Terms for Bilking Seniors in Ponzi Scheme – CBS Chicago
FORT WORTH, Texas (CBSDFW.COM) –William Neil “Doc” Gallagher, the so-called “Money Doctor”, was sentenced to three life sentences – plus 30 more years behind bars – in Fort Worth, Texas on Monday. The convictions stemmed from his guilty plea on August 31, 2021, to charges stemming from a Ponzi scheme he led that defrauded the elderly from millions of dollars.
Judge Elizabeth Beach sentenced Gallagher to life imprisonment on three counts – obtaining the execution of a document by deception over $ 200,000, theft of property over $ 300,000 $ and misuse of trust property or financial institution property over $ 300,000. He was sentenced to 10 more years each on three counts: one count of forgery against the elderly and two counts of exploitation of the elderly.
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“‘Doc’ Gallagher is one of the worst offenders I’ve seen,” said Lori Varnell, leader of the Tarrant County Criminal District Attorney’s Senior Financial Fraud Team. “He ruthlessly robbed his clients who trusted him for almost a
decade. He amassed $ 32 million in losses for all of his clients and exploited many seniors. He made his way through churches preying on people who thought he was a Christian.
Gallagher, 80, ran the Gallagher Financial Group which advertised on Christian radio with the slogan “See you later at church on Sunday.”
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In 2020, he pleaded guilty to similar charges in Dallas County and was sentenced to 25 years in prison.
Gallagher has promoted his investment business in books, such as “Jesus Christ, Money Master” and on Christian radio shows. He was indicted in Tarrant County on the charges in August 2019. More than a dozen elderly victims testified in a three-hour hearing Monday about the loss of $ 50,000 to $ 600,000. they invested in the Gallagher Financial Group.
Some have had to sell their homes, borrow money from their children, or take part-time jobs to supplement their social security contributions. They talked about the loss of confidence in people and the depression that many now suffer from because of
lose their money thanks to the Gallagher company.
“I’m afraid my money will run out,” said Judy Dewitt, one of the victims. “It’s a very scary thing.”
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She and the others who testified Monday called on Judge Beach to sentence “Doc” Gallagher to life in prison. “I don’t trust anyone anymore except God and my family,” said Susan Pippi, another victim.