Radio host gets 25 years in Ponzi scheme targeting listeners
DALLAS - A Texas radio host and financial consultant who admitted to conning elderly listeners out of more than $20 million in a Ponzi scheme has been sentenced to 25 years in prison. The Dallas Morning News reports that the sentence was part of a plea deal that William Neil “Doc” Gallagher agreed to on Friday with Dallas County prosecutors. They say that Gallagher guaranteed annual returns of 5% to nearly 9% to listeners of his radio show who invested in securities with him. Authorities say Gallagher received up to $29.2 million from about 60 investors from December 2014 to January 2019. By then, the accounts contained less than $822,000.
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