William Neil Gallagher

A Texas radio host and financial consultant who admitted to conning elderly listeners out of millions of dollars in a Ponzi scheme was sentenced to 25 years in prison in April 2020. The sentence was imposed as part of a plea deal that William Neil "Doc" Gallagher, 79, agreed to on Friday with Dallas County prosecutors, the Dallas Morning News reported. The North Richland Hills man was ordered to pay more than $10 million in restitution. Gallagher targeted older, Christian listeners of his show, called "The Money Doctor," and met with them to discuss what he said was risk-free income, prosecutors said. He guaranteed annual returns of 5% to nearly 9% if they invested in securities with him, according to the criminal complaint. He described it as a "retirement income you'll never outlive." Gallagher, who wasn't licensed to advise clients on securities, received up to $29.2 million from about 60 investors from December 2014 to January 2019, authorities said. By Jan. 31, 2019, those accounts contained just $821,951. Authorities said Gallagher dished out roughly $5.9 million to early investors by using newer investors' capital. He also used several million dollars for payroll, radio and website costs and personal outlays such as legal fees. Gallagher has been behind bars since his March 2019 arrest. After the indictment, the Gallagher Financial Group's assets were frozen and a lawyer was appointed to manage the funds. He faces more charges in Tarrant County.