Tag Archives: ponzi scheme losses

William Neil “Doc” Gallagher Charged with Operating Ponzi Scheme-Dallas, TX

March 2019-Dallas, TX

Neil ‘Doc” Gallagher, who calls himself the “Money Doctor” on Dallas area radio stations was was charged with operating a Ponzi Scheme by the Securities and Exchange Commission.

According to the SEC Complaint Gallagher and his companies, Gallagher Financial Group and W. Neil Gallagher, raised nearly $20 million from mostly retired Christian investors by making frequent religious references on his radio shows.

The SEC alleges that Gallagher falsely claimed to be a licensed investment adviser who promised investors risk free returns of 5%-8% annually in phony investments he called a Diversified Growth and Income Strategy Account.

Very little of the investor’s money was actually invested but rather used to make payments to other investors to create the impression that he was operating a legitimate business and the rest was spent on his personal expenses.

Gallagher has also been indicted and arrested on criminal charges.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Allan George Cooper Guilty of Investment Fraud-Houston, Texas

May 20-17-Houston, Texas

The US Attorney’s Office for the Southern District of Texas advises that Allan George Cooper, 76, of Montgomery, TX, was convicted on two counts related to an investment fraud scheme using his companies Effective Energy Alternatives dba A.G. Cooper Associates and Effective Funding Network.

Cooper, who preyed upon his church group and others, presented himself as an investment advisor and raised about $5 million from unsuspecting victims who thought they were investing in short term loans to companies.

Cooper touted 12% returns. In reality most of the funds were used to pay back earlier investors, a classic Ponzi Scheme, and to fund his own lifestyle.

Cooper faces up to 20 years on each count plus a maximum fine of $250,000.

Link to government press release. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Malcolm Segal-Former Aegis Capital Broker-Sentenced to 126 Months on Ponzi Scheme

June 25, 2016-Philadelphia

Former Aegis Capital Corp. stock broker Malcolm Segal, of Langhorne, Pennsylvania, and Boynton Beach, FL, was sentenced to 126 months in prison in connection with a Ponzi scheme. In addition he was ordered to pay $3 million in restitution.

Segal fraudulently sold CDs to his clients claiming that they would earn more than FDIC-insured CDs. Link to SEC press release for more details.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William Risinger of Round Rock Texas Sentenced to 160 Months on Ponzi Scheme

May 2016-Austin, Texas

The US Attorney’s Office for the Western District of Texas reports that William Risinger of Round Rock, Texas, was sentenced to 160 months in federal prison in connection with a $4.5 million Ponzi Scheme through his company RHM Exploration, LLC.

US District Judge Sam Sparks ordered a judgment of $3.7 million against Risinger and three years supervised release following the prison term.

In April 2016 Risinger was arrested for violating terms of his bond  when he traveled to Las Vegas and lost half a million gambling.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former Austinite Sentenced for Marty Robbins Antique Scam

January 15, 2016- Austin, Texas

The FBI announced that Rose Marie O’Reilly, 63, of La Grange, TX, was sentenced to 48 months in federal prison in connection with a $1,4 million Ponzi scheme.

The scheme raised money from investors who believed their invested capital would be used to purchase antiques and jewelry that would be sold for a profit. Investors were led to believe that some of the purported antiques and jewelry were commissioned by deceased C&W singer Marty Robbins.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870