I got on Doc Gallagher’s mailing list. I can’t remember how, but “The Money Doctor” invited me to events for his investment clients and prospects.
Before Christmas, he invited my family to a private screening of It’s a Wonderful Life at a Grapevine theater. (“FREE! Food and a MOVIE!!” his invitation announced.) Didn’t go.
Previously, in 2016, knowing his record of troubles (he didn’t have a state investment advisers license) I attended his nighttime financial seminar in Hurst. But I was late. By the time I got there, his staff was running the show and he had boogied on out.
You might know the name Doc Gallagher because for years he bought air time for his “shows” on local AM radio stations. He used Jesus to sell. One of his books is called “Jesus Christ Money Master.”
Now William Neil Gallagher’s life isn’t so wonderful. His microphone is off, and he’s not hosting any movies.
He sits in the Dallas County jail with bail set at $1 million. He’s 78-years-old, and he can’t get out. The unlicensed money adviser is accused of felonies related to an alleged five-year Ponzi scheme that cost 60 of his clients $20 million in losses.
His record was filled with complaints. Yet he soldiered on with Gallagher Financial Group, finding clients through the radio, through his website (with its recordings of his radio shows) and through his it’s-a-wonderful-life glad-handing events.
He promised big returns on complicated investments. Like Bernie Madoff, government prosecutors allege, he created phony investment statements for his customers showing they had money when they didn’t.
Where’d the money go?
The feds, who worked with the Dallas County district attorney’s office on the case (Gallagher had offices in Hurst and Addison), say they can prove he used the money for personal expenses.
The Watchdog asked to see Gallagher in jail, but his answer passed on through the sheriff’s department was that he would grant an interview if his lawyer were present. His lawyer didn’t respond.
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SOURCE: Dallas Morning News, Dave Lieber