North Texas ‘Money Doctor’ Sentenced To 25 Years In $30 Million Ponzi Scheme
William Neil “Doc” Gallagher, the so-called “Money Doctor,” was well known throughout North Texas for his AM radio show, his supposed devotion to Christianity, his public appearances, and his alleged financial acumen. However, federal and state authorities accused Gallagher of scamming more than 200 people for more than $30 million. Gallagher was found guilty of money laundering and securities fraud charges, and he recently started a 25-year prison sentence at the Dallas County Jail. The 79-year-old former radio host is spending most of his time in the jail infirmary due to health concerns.
False Prophets and False Profits
Referred to by some as “The Bernie Madoff of North Texas,” Gallagher’s financial wrongdoing bears all the hallmarks of a classic Ponzi scheme. Gallagher burnished his public persona with his AM radio show on Dallas-area Christian radio stations and with his many public appearances around the state. Calling himself the “Money Doctor,” Gallagher went on to publish financial self-help books with titles like “Jesus Christ: Money Master.”
Many people admired Gallagher’s seeming devotion to Christian principles, and his marketing materials made it seem like he was giving financial advice to the likes of former Texas Gov. Rick Perry, former Arkansas Gov. Mike Huckabee, evangelical superstar Joel Osteen, former Texas Rangers great Nolan Ryan, and other high-profile names. Gallagher’s fame and alleged piety made it easy for him to appeal to investors in the North Texas area, promising them risk-free income with annual returns of 5 percent up to 9 percent.
Unfortunately for those investors, many of them will never see their money again. Federal and state authorities began investigating Gallagher and found that he was using money from new investors to pay back prior investors, a classic sign of a Ponzi scheme. What’s more, when officials went to his office to try and track down the money, they found that Gallagher didn’t even have a proper accounting system for the money. Even he couldn’t tell investors where the money went, but it certainly did not go toward any actual securities investments for the people who gave him their money. Gallagher eventually pleaded guilty to theft, money laundering, and securities fraud charges.
Contact a Collin County criminal defense lawyer today
White-collar crimes like money laundering or fraud are serious charges carrying steep penalties, including heavy fines and prison time. If you have been accused of financial wrongdoing, your first call should be to a criminal defense lawyer. The legal team at Rosenthal Kalabus & Therrian has extensive experience handling financial fraud and other cases involving white-collar crimes. We’ll provide aggressive defense on your behalf and work to clear you of any wrongdoing. Call (972) 369-0577 today to schedule your initial consultation.