Former stockbroker sentenced for fraud and tax evasion

This was the 2nd time Jeffrey Eldred Gallagher was convicted on fraud charges

www.mgnonline.com

BOSTON – A Florida man was sentenced this week in Springfield in connection with an investment scheme that stole more than $600,000 from fraud victims.

According to U.S. Attorney Carmen Ortiz, former stockbroker, 73-year-old Jeffrey Eldred Gallagher, was sentenced by U.S. District Court Judge Mark G. Mastroianni to three years in prison.

Gallagher was convicted in December of 2015 after pleading guilty to one count of wire fraud, three counts of engaging in a monetary transaction and two counts of tax evasion.

Ortiz said, in 1989, Gallagher had been previously convicted of one count of mail fraud and three counts of interstate transportation of stolen property in connection with his illegal and unauthorized options trading while he was a stockbroker.

During the hearing, Judge Mastroianni described Gallagher’s crimes as “very serious offenses” and stated that they involved a “betrayal of friendships and a breach of trust among friends.”

NOTE: United States Attorney Carmen M. Ortiz; Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and Manny J. Muriel, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston, made the announcement. The case is being prosecuted by Assistant U.S. Attorney Steven H. Breslow of Ortiz’s Springfield Branch Office.

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