The Dallas Morning News reports Gallagher, 79, pleaded guilty Friday to one count each of theft of more than $300,000, money laundering of more than $300,000 and securities fraud of more than $100,000.
In addition to the prison term, the former host of The Money Doctor has been ordered to pay about $10.4 million in restitution to his victims.
Gallagher has been in custody since his arrest in March 2019, which came after he was indicted on the charges.
Prosecutors said he targeted elderly Christian listeners of his radio show and recommended they meet with him to discuss their investments. In those meetings, he promised them annual returns of 5% to nearly 9% if they invested in securities with him — calling it “retirement income you’ll never outlive,” according to a criminal complaint.
In 1999, the Texas State Securities Board had fined Gallagher $25,000 for falsely saying that he was a registered investment adviser and for faking check-receipt books.