Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

‘Christian Advisor’ Gets 3 Life Sentences for Stealing Retirement Funds

edited November 2021 in Off-Topic
"From December 2014 through January 2019, he raised at least $19.6 million from approximately 60 senior citizens. Falsely claiming to be a licensed investment adviser, he offered an investment that he called a Diversified Growth and Income Strategy Account. He promised to acquire income-generating assets for his clients in five specified categories."

"He also promised investors that they would receive guaranteed, risk-free returns in their accounts ranging from 5% to 8% per year. In reality, except for one $75,000 annuity purchase, Gallagher purchased no assets in any of the five categories and no other assets to back the promised returns."

"Instead, he exhausted virtually all investor funds on spending unrelated to the accounts, including misappropriating significant portions for personal and company expenses and Ponzi payments to investors. To lull investors and conceal the scheme, Gallagher provided phony account statements showing false account balances."

After concluding his life sentence, may he roast in hell for eternity!



  • "After concluding his life sentence, may he roast in hell for eternity!"
    Torture him, first.
Sign In or Register to comment.