‘Doc’ Gallagher sentenced to 3 life terms in Ponzi scheme that bilked senior citizens
The operator of a Hurst investment business who lost $32 million of his clients’ money and used religion to underpin the vast theft was sentenced on Monday to three life terms in prison.
William Gallagher, known as “Doc,” pleaded guilty on Aug. 31 to charges connected to a Ponzi scheme that he ran from Hurst that bilked senior citizens out of millions of dollars, according to the Tarrant County Criminal District Attorney’s Office.
State District Judge Elizabeth Beach sentenced Gallagher in Criminal District Court No. 1 to life terms on three charges: securing the execution of a document by deception for an amount greater than $200,000, theft of property more than $300,000 and misapplication of fiduciary property or property of a financial institution of more than $300,000.
Beach also sentenced Gallagher, 80, to a total of 30 years in prison on two crimes: one count of forgery against the elderly and two counts of exploitation of the elderly.
Gallagher was indicted in Tarrant County in August 2019. In 2020, he pleaded guilty to similar charges in Dallas County and was sentenced to 25 years in prison.
Gallagher ran the Gallagher Financial Group and advertised on Christian radio with the tag line “See you in church on Sunday,” according to the Tarrant County Criminal District Attorney’s Office.
Gallagher promoted his investment business in books and on Christian radio broadcasts.
About 12 victims who lost between $50,000 and $600,000 that they invested with the Gallagher Financial Group testified during Gallagher’s sentencing hearing.
Lori Varnell, chief of the district attorney’s office elder financial fraud team, wrote in a statement that Gallagher ruthlessly stole from clients.
“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,” Varnell wrote.
This story was originally published November 2, 2021 at 5:07 PM.
