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William Neil “Doc” Gallagher additionally obtained a 30-year jail sentence from state District Choose Elizabeth Seashore for his August responsible pleas.
The sentences are to be served concurrently.
The sentencing got here after greater than a dozen senior victims testified throughout a three-hour court docket listening to about dropping anyplace from $67,000 to $807,000 invested within the Gallagher Monetary Group.
Some stated they needed to promote their properties, borrow cash from their youngsters or take part-time jobs to complement their Social Safety advantages.
“Doc Gallagher is among the worst offenders I’ve seen,” stated Lori Varnell, chief of the Tarrant County District Lawyer’s Elder Monetary Fraud crew.
Mr Gallagher, 80, and his Gallagher Monetary Group marketed on Christian radio with the tagline, “See you in church on Sunday.”
He promoted his funding enterprise in books, resembling “Jesus Christ, Cash Grasp,” and on Christian radio broadcasts.
Mr Gallagher has been behind bars since his March 2019 arrest on comparable fees filed in Dallas County.
In 2020, he pleaded responsible to these fees and was sentenced to 25 years in jail. He was indicted in Tarrant County in August 2019.
“He ruthlessly stole from his purchasers who trusted him for nearly a decade. He amassed $32 million in loss to all of his purchasers and exploited many elder people. He labored his method round church buildings preying on individuals who believed he was a Christian,” Varnell stated in an announcement.
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