A Texas radio host was sentenced to three life prison sentences Monday for a Ponzi scheme in which he bilked elderly listeners out of millions of dollars.
William Neil “Doc” Gallagher also got a 30-year prison sentence from state District Judge Elizabeth Beach for his August guilty pleas. The sentences are to 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.
“Doc Gallagher is one of the worst offenders I have seen,” said Lori Varnell, chief of the Tarrant County District Attorney’s Elder Financial Fraud team.