The “Money Doctor,” 80, was sentenced to three life terms for running a Ponzi scheme for over $30 million.
William Neil ‘Doc’ Gallagher, 80, known as the “Money Doctor,” was exposed as the mastermind behind a Ponzi scheme. Reportedly, he tricked more than 60 elderly Christian investors into giving him more than $30,000,000.
On Monday, the con man was sentenced to three life terms, as well as an additional 30-year prison sentence from state District Judge Elizabeth Beach. As Daily Mail reports, the sentences are to be served concurrently.
Gallagher’s scam was unveiled after more than a dozen senior victims testified about losing anywhere from $50,000 to $600,000 invested in the Gallagher Financial Group. Some of the claimants said they either had to sell their homes, borrow money from their children, or start part-time jobs to support their Social Security benefits.
Lori Varnell, chief of the Tarrant County District Attorney’s Elder Financial Fraud team, commented:
“Doc Gallagher is one of the worst offenders I have seen.”
The trickster advertised his scheme on Christian radio, telling his listeners: “See you in church on Sunday.”
The radio host also never missed a chance to promote his investment business in books, such as “Jesus Christ, Money Master.” He targeted older Christian listeners of his show. To lure them, he told them he was offering them a risk-free “retirement income [they’ll] never outlive.”
Gallagher has been serving jail time since 2019 on similar charges. Last year, he pleaded guilty to those charges and was sentenced to 25 years in prison.
Varnell said in a statement:
“He ruthlessly stole from his clients who trusted him for almost a decade. He amassed $32million in loss to all of his clients and exploited many elder individuals. He worked his way around churches preying on people who believed he was a Christian.”
On November 1, 2021, Judge Elizabeth Beach sentenced the Money Doctor to life terms on charges, including:
- Securing the execution of a document by deception for an amount greater than $200,000.
- Theft of property of more than $300,000.
- Misapplication of fiduciary property or property of a financial institution of more than $300,000.
Gallagher received another 30 years on counts of forgery against the elderly and exploitation of the elderly.
Susan Pippi, one of the victims, shared: “I don’t trust anybody anymore, except for God and my family.”
Judy Dewitt, another victim, admitted she was afraid her money would run out. She said: “It’s a very scary thing.”