William Neil “Doc” Gallagher, who’s show was running on three north Texas radio stations, has been arrested and charged with running a $20 million Ponzi scheme. The SEC alleges Gallagher targeted elderly investors’ retirement funds.
The Fort Worth Business Press reports that Gallagher made frequent religious references on his radio show to establish his standing among a target audience of retired Christian investors. The paper, quoting the SEC charges, reports that from December 2014 through January 2019, Gallagher raised at least $19.6 million from approximately 60 senior citizens.
