A Texas radio host has been sentenced to three life sentences for a Ponzi schemed he ran that bilked elderly people out of millions of dollars, The Associated Press reported.
William Neil "Doc" Gallagher also got a 30-year prison sentence for prior guilty pleas. The sentences will be served concurrently.
"The sentencing came after more than a dozen senior victims testified during a three-hour court hearing about losing anywhere from $50,000 to $600,000 invested in the Gallagher Financial Group. Some said they had to sell their homes, borrow money from their children or take part-time jobs to supplement their Social Security benefits," The Associated Press reported.
Gallagher, 80, and his Gallagher Financial Group advertised on Christian radio and promoted Christian themes in his advertising. He has been behind bars since a March 2019 arrest on similar charges and pleaded guilty in 2020 and was sentenced to 25 years in prison.
"He ruthlessly stole from his clients who trusted him for almost a decade. He amassed $32 million 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," said Lori Varnell, chief of the Tarrant County District Attorney's Elder Financial Fraud team.