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Radio host will get three life phrases for bilking aged listeners in Ponzi scheme


William Neil ‘Doc’ Gallagher, 80, was sentenced Monday to a few life phrases in Tarrant County, Texas, for bilking aged listeners of his ‘Cash Physician’ radio present out of $32million

A Texas radio host often called the ‘Cash Physician’ was sentenced to a few life phrases on Monday for operating a Ponzi scheme wherein he bilked greater than 60 aged Christian buyers out of greater than $30million.

William Neil ‘Doc’ Gallagher, 80, additionally bought a further 30-year jail sentence from state District Decide Elizabeth Seaside for his August responsible pleas. The sentences are to be served concurrently.

The sentencing got here after greater than a dozen senior victims testified throughout a three-hour courtroom listening to about shedding anyplace from $50,000 to $600,000 invested within the Gallagher Monetary Group. 

Some stated they needed to promote their houses, borrow cash from their youngsters or take part-time jobs to complement their Social Safety advantages.

‘Doc Gallagher is likely one of the worst offenders I’ve seen,’ stated Lori Varnell, chief of the Tarrant County District Lawyer’s Elder Monetary Fraud crew.

Gallagher and his Gallagher Monetary Group marketed on Christian radio with the tagline, ‘See you in church on Sunday.’ He promoted his funding enterprise in books, comparable to ‘Jesus Christ, Cash Grasp,’ and on Christian radio broadcasts.

Gallagher has been behind bars since his March 2019 arrest on related costs filed in Dallas County. 

In 2020, he pleaded responsible to these costs and was sentenced to 25 years in jail. 

Gallagher and his Gallagher Financial Group advertised on Christian radio with the tagline, 'See you in church on Sunday'

Gallagher and his Gallagher Monetary Group marketed on Christian radio with the tagline, ‘See you in church on Sunday’

Dallas County prosecutors stated Gallagher focused older, Christian listeners of his present, and met with them to debate what he stated was risk-free earnings.

He assured annual returns of 5 per cent to just about 9 per cent in the event that they invested in securities with him, based on the legal criticism.

Authorities stated he described it as a ‘retirement earnings you’ll by no means outlive’.

Gallagher dished out roughly $5.9million to early buyers through the use of newer buyers´ capital, finally bilking greater than 60 buyers with the scheme.

Some of Gallagher's elderly victims said in court they had to sell their homes, borrow money from their children or take part-time jobs

A few of Gallagher’s aged victims stated in courtroom they needed to promote their houses, borrow cash from their youngsters or take part-time jobs

He additionally used a number of million {dollars} for payroll, radio and web site prices and authorized charges.

He was indicted in Tarrant County in August 2019.

‘He ruthlessly stole from his shoppers who trusted him for nearly a decade. He amassed $32million in loss to all of his shoppers and exploited many elder people. He labored his approach round church buildings preying on individuals who believed he was a Christian,’ Varnell stated in an announcement.

On Monday, Decide Elizabeth Seaside sentenced Gallagher to life phrases on costs of securing the execution of a doc by deception for an quantity larger than $200,000; theft of property greater than $300,000 and misapplication of fiduciary property or property of monetary establishment of greater than $300,000. 

He was sentenced to a different 30 years on counts of forgery in opposition to the aged and exploitation of the aged.

A few of Gallagher’s victims spoke in courtroom about their struggles with melancholy and lack of belief. 

‘I don’t belief anyone anymore, apart from God and my household,’ stated Susan Pippi.

One other sufferer, Judy Dewitt, stated she was afraid her cash would run out.  

‘It’s a really scary factor.’ she added.  





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