Dallas Businessman Indicted In $19 Million Fraud

DALLAS, TX -- Businessman William Neil “Doc” Gallagher has been arrested and faces first-degree state felony charges of securities fraud and money laundering in Dallas County. Gallagher, who is the author of "Jesus Christ, Money Master Leader Guide: Four Eternal Truths That Deliver Personal Power and Profit," allegedly spent the last five years fraudulently raising $19.6 million from about 60 seniors, the Texas State Securities Board said in a news release.

"Gallagher promised he would purchase income-generating assets to provide investors with risk-free returns of up to 8 percent per year, but the SEC said Gallagher used almost all of the money to pay his personal and business expenses and to make Ponzi payments to certain investors," the board added. "The SEC filed its civil complaint under seal on March 7. Gallagher's assets have been frozen and the federal court appointed a receiver to determine whether money can be recovered for investors."

Gallagher was arrested on state fraud charges March 8, the Dallas District Attorney's Office said.

The Dallas District Attorney’s Office is prosecuting Gallagher. Gallagher owns Gallagher Financial Group Inc. (GFG), which is advertised as a retirement planning firm.