Christian Radio Star Involved in $29 Million Ponzi Scheme

Christian Radio Star Involved in $29 Million Ponzi Scheme


William Neil “Doc” Gallagher, a Christian radio personality and author of Jesus Christ, Money Master, was found guilty of orchestrating a $29 million Ponzi scheme targeting elderly citizens. 


A Texas federal judge recently sentenced Mr. Gallagher, who is being held in Dallas County Jail, awaiting state criminal charges related to the scheme. 


According to the authorities, the radio personality is liable for multiple Securities and Exchange Act Violations. Mr. Gallagher used his radio show, which combined Christianity and financial planning, to lure the audience to become part of the alleged scheme. 


Gallagher Targeted Senior Citizens for Ponzi Scheme 


The complaint against Gallagher alleges that he preyed on senior citizens between the ages of 62 and 91 by promising risk-free returns when in reality, the money was deposited in business accounts he personally controlled. 


According to the SEC, Mr. Gallagher used misleading statements about his background and license status to convince clients he could help them plan their retirement. He assured roughly 60 investors minimum returns from 5% to 8%.


According to court documents, of the nearly $30 million that Gallagher gathered in the scheme, only about $822,000 was recovered from Gallagher’s accounts.


The court-appointed receiver has been working on obtaining recoveries from people involved in the Ponzi scheme. In March, he announced that 11 investors and employees who benefited from the fraud had consented to turn over roughly $185,000. 


Settlements are Part of Larger Set of Agreements 


This agreement is the latest in a string of settlements reached since September, including a $250,000 settlement with Christian Talk (the station that broadcast Gallagher’s financial planning show), an $81,000 arrangement with his son, a $60,000 deal with a senior entertainment venue that promoted his show. 


Lawsuits to recover investor funds are still pending against radio broadcaster Salem Media and Ciera Bank, through which the scheme’s funds were supposedly funneled. 


Based on public records, this is not the first time the host/author had problems with the authorities. In 1999, he was fined $250,000 by the Texas State Securities Board for giving investigators false copies of check receipts. 


And in 2001, the firm he worked for was fined $10,000 by the TSSB for making misleading statements about returns on mutual funds. 


Speak with a Ponzi Scheme Attorney


The securities fraud attorneys at Dimond Kaplan & Rothstein, P.A. (DKR) brings civil court cases and arbitration cases on behalf of investors who have suffered losses in Ponzi schemes throughout the United States. Our interest is in helping our clients recover their money.


Contact Dimond Kaplan & Rothstein Today 


If you are looking for a Ponzi scheme attorney to review your rights and options, the Ponzi scheme lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of Ponzi schemes. We will aggressively pursue claims to recover your losses or damages. 


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