Christian Radio Host Sentenced To 3 Life Terms For Massive Ponzi Scheme That Scammed Elderly Listeners Out Of Millions

Sickening.


613
613 points

In today’s edition of “Human Garbage Disguised As Christians,” allow me to present to you, William Neil Gallagher.

Gallagher, also known as “The Money Doctor,” was a Texas Christian radio host who recently found himself sentenced to 3 life terms in prison after pulling one of the most heinous Ponzi schemes we have ever born witness to, ultimately scamming and defrauding upwards of 190 listeners out of a staggering $23 million+, according to a report from the New York Times. 

Gallagher, who often went by the nickname “Doc,” used his Christian radio show as well as various churches to promote his business, Gallagher Financial Group. According to prosecutors, his company had offices in Dallas and Hurst, Texas, and the 80-year-old scammer specifically targeted elderly investors.

“Doc” ultimately pleaded guilty to the felony charges against him, back in August, and received three life sentences as well as an additional 30-year sentence for charges of forgery against the elderly and exploitation of the elderly. Prosecutors said Mr. Gallagher’s scam lasted almost a decade and scammed numerous elderly individuals out of their entire retirement savings.

In a statement, chief of the elder financial fraud unit at the Tarrant County Criminal District Attorney’s office, Lori Varnell, said, “Doc Gallagher is one of the worst offenders I have seen. He ruthlessly stole from his clients who trusted him for almost a decade.”

The Times reported, “Mr. Gallagher promoted himself as an experienced investor with a Ph.D. in philosophy from Brown University, offering clients a path to financial stability and a better life through ‘personal responsibility’ and ‘less government,’ with ‘the help of God.'”

“Mr. Gallagher promised a 5 to 8 percent return on his clients’ investments, according to court records. A vast majority of his clients were people in their 60s, 70s, 80s and 90s, and middle-class people who were not looking for enormous returns, but a stable retirement fund, according to court records,” the report goes on to read.

“Instead, Mr. Gallagher deposited his investors’ money into a single account that he controlled and then used to make payments to earlier investors, ‘a classic Ponzi scheme,’ according to the lawsuit filed by Mr. Thomas against Salem Media.”

You can read the full report here.

Featured image via screen capture 

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613
613 points

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