The Texas ‘Money Doctor’ Who Stole Millions From the Elderly
In this episode of Bloomberg Investigates, we explore how a former securities broker purloined $38 million by preying on the life savings of religious retirees.
William “Doc” Gallagher positioned himself on AM radio and in advertisements as a former Wall Street insider who had changed his ways—one who could share with clients what others didn’t want them to know. But it was all a scam.
In and around Fort Worth, Texas, there was a folksy former securities broker named William “Doc” Gallagher who plied the AM airwaves selling god and solid returns. Drawn to his Christian bona fides and swayed by his supposed investing acumen, elderly couples eagerly handed over hundreds of thousands of dollars—sometimes their entire life savings.
At first, many received statements indicating consistently high returns. Then later the truth—and the financial devastation—became apparent. On the Bloomberg Investigates documentary The Money Doctor, we show how Gallagher skillfully hid an elaborate Ponzi scheme under the cloak of piety, fleecing his clients of $38 million while destroying the lives of the vulnerable in their sunset years.