Dallas Brokered Financial Show Host Charged With Running Ponzi Scheme

Gallagher

The SECURITIES AND EXCHANGE COMMISSION has charged a DALLAS radio financial show host with running a Ponzi scheme.

WILLIAM NEIL "DOC" GALLAGHER, who bought time on SALEM News-Talk KSKY-A (660 AM THE ANSWER), SALEM Business KEXB-A, and CRAWFORD Religion-Brokered Talk KAAM-A/DALLAS for his  "MONEY DOCTOR" and "THE JOY OF A RICH RETIREMENT" shows, was charged along with GALLAGHER FINANCIAL GROUP, INC. and W. NEIL GALLAGHER, Ph.D. AGENCY, INC. in a sealed complaint on THURSDAY (3/7), accused of raising at least $19.6 million from 60 elderly investors in 2014-19 for a "Diversified Growth and Income Strategy Account."  The fund guaranteed risk-free returns of 5-8% per year, but instead, the complaint alleges, GALLAGHER used the funds on personal and company expenses and gave the investors false account statements.

An order issued FRIDAY (3/8) by U.S. District Judge JANE J. BOYLE froze GALLAGHER's assets and put the companies into receivership.  Another indictment was handed down by the DALLAS COUNTY District Attorney's Office on MARCH 4th and GALLAGHER was arrested on those charges on FRIDAY as well.

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