Good News! Justice Has Been Served.
Last year we wrote about radio’s “Money Doc” Gallagher swindling $30 million from elderly investors. Alexander Blog Post 2019. One year later, Gallaher reached a plea deal with Dallas prosecutors for a 25-year prison term. He pled guilty to one count of money laundering for $300,000, one count of theft for $300,000 and one count of securities fraud for $100,000. He has also agreed to pay over $10 million in restitution. DMN Article.
Gallagher’s investment fraud targeted Christians near retirement age or post-retirement in a Ponzi scheme. And, he still faces charges in Tarrant County.
COVID-19. Death Sentence For Some – Prison Reprieve For Others?
The question still remains if 79-year old Gallagher will be able to use his age and health to his advantage in getting out of some of his prison term due to COVID-19 pandemic. At this time, we are not aware of pleadings to limit jail time. However, Michael Avenatti is now serving a 90-day sentence at home. And, Bill Cosby has filed a plea to be released due to the pandemic. Forbes Article. Even Michael Cohen asked for home confinement, but the Federal Judge denied that request. For now, Doc is sleeping in the slammer, and hopefully coughing up cash for victims of investor fraud.
While we can rest a little easier now that Gallagher is no longer a threat, there are countless other fraudsters posing as financial or investment advisors and even pastors ready to take your hard-earned savings from you.
- Hang up on high-pressure sales tactics with limited time to invest messages and above-average earnings claims.
- Investments in digital tokens, oil and gas and more traditional financial vehicles should be registered with the Texas Securities Commission or the SEC.
- Even those close to you can pose a risk. Ponzi schemes pay the first few investors so there is a “legitimate” story to tell others.
Contact an Experienced Securities and Investment Fraud Attorney Today!
We hope all your financial investments are profitable. But if you find yourself searching for an experienced oil and gas fraud or commercial litigation lawyer, we are here to help.