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.
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