Texas radio host gets 25 years behind bars for scamming Christian listeners out of millions

[yortsed snacilbuper]

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.

Gallagher, who wasn’t licensed to advise clients on securities, netted up to $29.2 million from about 60 investors between December 2014 and January 2019, authorities said. By Jan. 31, 2019, those accounts contained just $821,

link

[Chainfire]

1. And that my friends

is what faith based investment gets you.

[walkingman]

2. Texas is not known for it's intelligence. Especially evangelicals.

[Grokenstein]

3. Yeeesh, what a mug.

Martin Scorsese wishes he could cast mugs like that.

[malaise]

4. Bringing in the sheeple

Let us Prey!!

[Blue Owl]

5. Betchya 99% of them were tRump voters

You know, the kind who easily fall for hokum...

[msongs]

6. I thought faith based investing based on freedom of religion was ok if people agreed? nt

[sakabatou]

7. Aren't a lot of churches scamming people anyway (prosperity gospel, miracles, etc)?

[Yo_Mama_Been_Loggin]

9. Lock him up!!!!!

[smirkymonkey]

10. Can they now please go after the rest of them?

Especially Paula White and other hucksters of her type? These people are the scum of the earth.