SPRINGFIELD, Mass. (WWLP) – A 72-year-old former stockbroker admitted he ran an investment scheme for years, and stole more than $600,000 from his clients.
According to U.S. Attorney Carmen Ortiz, Jeffrey Eldred Gallagher of Bradenton Beach, Florida wrote investors more than 40 bad checks totaling more than $1.7-million.
Gallagher pleaded guilty in Springfield Federal Court to one count of wire fraud, three counts of engaging in an illegal monetary transaction and two counts of tax evasion.
He faces a possible 50 years in federal prison. U.S. District Court Judge Mark Mastroianni scheduled sentencing for February 29, 2016.