How "Doc" Gallagher defrauded investors of millions

Sgt. Steve Richardson led the TDI Fraud Unit’s investigation into William Neil “Doc” Gallagher, a radio host in the Dallas area. Gallagher, known as the “Money Doctor,” targeted seniors to surrender their annuities and give him the money to “invest.” https://www.tdi.texas.gov/blog/tips-t...

In 2020, Gallagher was convicted of securities fraud, theft, and money laundering, all first-degree felonies. He got three life terms and was ordered to repay more than $10.3 million in restitution.

How can I avoid becoming a victim of insurance fraud?

Richardson says to do your due diligence when working with a financial adviser or insurance agent. Do a thorough online search for anyone you’re doing business with. Online searches would have shown that Gallagher was investigated by the Texas State Securities Board and lost his security license.

How can we protect our senior family and friends from senior fraud?

Many of Gallagher’s victims were seniors who lost their entire savings and investments. Richardson suggests monitoring your senior relative’s finances to know where they’re investing or spending their money.

How can I check the license status of an insurance agent?

You can check license status and complaint history by calling our Help Line at 800-252-3439.

#InsuranceFraud #TrueCrime #DocGallagher

How to avoid scams aimed at older adults - https://www.tdi.texas.gov/tips/how-to...
Beware of seller impersonation fraud - https://www.tdi.texas.gov/blog/catego...
Insurance fraud guide - https://www.tdi.texas.gov/pubs/consum...

00:00 How Doc Gallagher defrauded investors of millions
00:38 How much money is involved in insurance fraud cases?
01:27 Who is William Neil “Doc” Gallagher?
03:03 How did William “Doc” Gallagher defraud his clients?
04:09 How did William “Doc” Gallagher use his radio show in his scam?
05:56 What was William “Doc” Gallagher’s sentence?
06:58 How does financial and insurance fraud affect people?
07:53 How can you avoid becoming a victim of insurance fraud?
08:31 How can we protect our senior family and friends from senior fraud?
09:41 What a re red flags to look for with insurance fraud?
10:29 How can I check the license status of an insurance agent?
11:07 If you have questions about insurance fraud, visit https://tdi.texas.gov or call 800-252-3439