William Neil Doc Gallagher, a/k/a/ Money Doctor Allegedly Ran a $19.6 Million Ponzi Scheme Targeting Elderly Investors; Gallagher’s Alleged Scheme Halted by the SEC

William Neil Doc Gallagher, a/k/a/ Money Doctor, a Texas radio host, and W. Neil Gallagher, Ph.D. Agency, Inc. allegedly operated a $19.6 million Ponzi scheme targeting elderly investors’ retirement funds, according to an SEC Complaint under review by investor rights attorney Alan Rosca.

William Gallagher had his alleged Ponzi scheme halted by the SEC, according to the aforementioned SEC Complaint. Gallagher, from December 2014 through January 2019, allegedly raised at least $19.6 million from approximately 60 senior citizens, the Complaint states.

The SEC also charged Gallagher Financial Group, Inc. and W. Neil Gallagher, Ph.D. Agency, Inc., companies that Gallagher used to carry out the scheme, the SEC notes.

Securities attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to William Neil Doc Gallagher’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to William Neil Doc Gallagher’s alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Gallagher Allegedly Offered a Diversified Growth and Income Strategy Account, in which he Promised to Acquire Income-generating Assets for His Clients

Gallagher allegedly made false claims that he was a licensed investment adviser, and he also allegedly offered an investment that he called a Diversified Growth and Income Strategy Account, in which he promised to acquire income-generating assets for his clients in five specified categories, according to the SEC Complaint.

Gallagher also allegedly promised investors that they would receive guaranteed, risk-free returns in their accounts ranging from 5% to 8% per year, the SEC reports. Other than one $75,000 annuity purchase, Gallagher allegedly purchased no assets in any of the five categories and no other assets to back the promised returns. the SEC notes.

In reality, Gallagher allegedly exhausted virtually all investor funds on spending sprees unrelated to the accounts, including allegedly misappropriating significant portions for personal and company expenses and to make Ponzi payments to new investors, the SEC reports. Gallagher allegedly provided investors phony account statements showing false account balances, the SEC notes.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related misconduct and are currently investigating William Neil Doc Gallagher’s alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of William Neil Doc Gallagher’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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