Retired Christian investors have allegedly been duped out of millions of dollars at the hands of radio host, William Neil Gallagher. Gallagher who also goes by the names ‘Doc’ and ‘The Money Doctor’ regularly hosted a Christian radio show prior to his arrest. But, after being charged with a $19.6 Million Ponzi Scheme, his shows have been scrapped, and it’s fair to say that his alleged actions have been anything but Christian.
Christian investors targeted
In March, Gallagher was charged by the Securities and Exchange Commission (SEC). They say that he used religious references during his radio shows to entice Christian investors to part with their cash. The SEC believes that Gallagher received millions of dollars from some 60 Christian investors, all aged between 62 and 91 years of age. As Gallagher lied about being a licensed investment adviser, who was able to offer a risk-free return, trustworthy and aging Christians thought nothing of handing over their cash.
Careful investment opportunities
According to the SEC, Gallagher told his Christian investors that the investment opportunity he was offering would mean that they would earn a “retirement income you’ll never outlive.” Instead, he used the cash to cover many of his own costs, including that of running his radio show. However, that doesn’t mean that there aren’t viable investment opportunities out there for Christians looking to keep their retirement pot in a healthy condition. For example, Christian investors can trade their cash for precious metals. Money Metals Exchange explains that metal is typically a safe investment as prices tend to be stable and, even when prices do fall, they bounce back quickly. Other reliable investment opportunities come in the form of property, technology, and stocks and shares.
Have you been affected?
Aging Christian investors listening to Gallagher’s radio shows may not even realize that they have been targeted by this callous individual. Gallagher’s crime went on from 2014 through to the start of this year. Retired Christians tend to be some of the most honorable and ethical people in society. As such, they will be shocked by this turn of events. It’s, therefore, crucial that loved ones come together at this time, and ensure that their older relatives review any investments they have made. It is particularly important to keep an eye out for accounts known as a ‘Diversified Growth and Income Strategy Account’, as this is what Gallagher regularly referred to during discussions with investors.
It’s sad that honest Christian individuals have lost out due to this fake investment opportunity. But, despite multiple retired Christian investors having been targeted, the good news is that there are still ample investment opportunities out there which will ensure they yield a healthy return.