Texas Radio Host Sentenced to 25 Years in Prison for Ponzi Scheme
A former North Texas radio host has been sentenced to 25 years in prison after pleading guilty to theft, money laundering, and securities fraud.
Tom Steele with the Dallas Morning News reports that 79-year-old William Neil “Doc” Gallagher entered his plea Friday after accepting a deal. He'd been in police custody for about a year after being indicted for theft of more than $300,000, money laundering of more than $300,000, and securities fraud of over $100,000.
He's also been ordered to play around $10.4 million in restitution, Steele reports.
Gallagher hosted a radio program called The Money Doctor, and preyed upon elderly Christian listeners. He would reportedly meet privately with members of the audience to convince them to invest in securities with him, promising them annual returns between 5% and 9%. Prosecutors say he told investors they'd never outlive their retirement income with his help.
In the end, the $29.2 million he collected from around 60 investors from 2014 to 2019 resulted in an account with $821,951 dollars in it.
As you may have guessed, Gallagher was not certified to advise anyone on securities. In fact, Steele reports that Gallahger was fined $25,000 by the Texas State Securities Board in 1999 after he claimed to be a registered investment adviser and forced check receipt books.
Steele reports that Ghallager faces more charges in Tarrant County.
It's always a shame to see people fall pray to con men like this, especially elders who are particularly vulnerable. This one hits close to home because he used his position as a public broadcaster to exploit the trust of his listeners. That makes his story extra disgusting to me.
Thankfully, there are honest hosts who offer advice on the airwaves and don't ask you to invest in scams for quick money or "sure things". In fact, two of the absolute best I know broadcast right here in Central Texas.
Father and son Jeff and Jake McClure own and operate The Personal Wealth Coach in Salado - an SEC registered investment advisory firm. They host The Personal Wealth Coach live every Saturday morning on 1400 AM, KTEM.
I've worked with the McClures since beginning my radio career in 2005. They're two of the most intelligent and honest (not to mention funny) people I've had the pleasure of knowing, and their show is about informing the public and helping them make educated and responsible investment decisions. They welcome calls, so if you ever have questions about investing and managing your money, phone in to the show at (254) 773-1400.
The Dave Ramsey Show also airs on KTEM from 5 PM to 8 PM Monday to Friday and 6 PM to 8 PM Fridays. Dave's show is one of the most trusted nationally syndicated talk shows, and he also offers advice and perspective to folks looking to responsibly invest, save, and manage their wealth.
The key words here are educated and responsible. If anyone tries to sell you on something that seems too good to be true, it most likely is. The Personal Wealth Coach and The Dave Ramsey Show are all about helping you understand what's realistic and responsible so you can manage your money in the way best suited to your goals and needs and not get scammed by folks like William Gallagher.
5 Things I Took for Granted Before the COVID-19 Pandemic