“He amassed $32 million in loss to all of his clients and exploited many elder individuals. He worked his way around churches preying on people who believed he was a Christian,” added Varnell.
On March 27, 2020, Gallagher pleaded guilty to first-degree charges of securities fraud and money laundering in the 94th Criminal District Court of Dallas County. he admitted defrauding investors from 2013 to 2019. The court ordered him to pay $10,386,816 in restitution to the victims of his Ponzi scheme. The court also ordered him to serve 25 years in state prison.
———-
Have a story you want USA Herald to cover? Submit a tip here and if we think it’s newsworthy, we’ll follow up on it.
Want to contribute a story? We also accept article submissions — check out our writer’s guidelines here.
