Shepherd, Smith, Edwards & Kantas Investigating Claims of Customers of William Neil Gallagher
HOUSTON, March 19, 2019 (GLOBE NEWSWIRE) -- Lawyers with the firm of Shepherd, Smith, Edwards & Kantas, LLP (SSEK Law Firm) are investigating claims involving William Neil Gallagher. Gallagher is a Texas based radio personality who is accused of investment fraud, money laundering, and operating a Ponzi scheme that targeted elderly investors, often preying on his clients’ Christian faith. Gallagher, through his AM radio show persona as the “Money Doctor” and his companies Gallagher Financial Group (GFC) and W. Neil Gallagher, PhD Agency, Inc., allegedly bilked over 60 senior investors of at least $19.6 million from 2014 through his capture earlier this year. Gallagher’s “affinity fraud investment scam” coupled false promises of guaranteed, risk-free income with frequent religious references. According to the complaint filed by the SEC, instead of investing in “Diversified Growth and Income Strategy Accounts” as promised, Gallagher “exhausted virtually all investor funds on spending unrelated to the accounts, including misappropriating significant portions for personal and company expenses and to make Ponzi payments to investors.” Despite his claims to be a “fully licensed” investment advisor, Gallagher was neither an investment advisor nor broker when he allegedly defrauded elderly investors of their retirement savings, based on his FINRA BrokerCheck and SEC Investment Advisor reports.
Based on the complaint, Gallagher used at least $3.8 million of the investors’ money to cover various personal expenses in addition to payroll, radio and website expenses, and legal costs. Authorities state that Gallagher issued false account statement with inaccurate account balance and financial information to clients to keep them from knowing the extent of their losses. The SEC is seeking to permanently bar Gallagher from the securities industry, “disgorgement of ill-gotten gains”, and payment of civil penalties. The Dallas County District Attorney’s Office has also filed charges against Gallagher for “securities fraud and other criminal charges stemming from the scheme.”
If you were a client of William Neil Gallagher or any of his financial entities, please contact the law firm of Shepherd, Smith, Edwards & Kantas, LLP today for a free, confidential evaluation of your account(s). We have a team of attorneys, consultants, and staff with over 100 years of combined experience in the securities industry and in securities law that are ready to assist you in recovering your investment losses today.