Matthew Gallagher, 37, is charged with multiple counts of Grand Larceny, officials say.
Suffolk County District Attorney Timothy D. Sini has announced the indictment of a Rocky Point man for allegedly stealing more than $700,000 from 24 identified victims through various investment schemes.
“We have 24 people here who gave their savings to this defendant with the promise of sound investments only to be lied to and swindled out of their hard-earned money,” District Attorney Sini said. “He was allegedly selling them on investing in business ventures that did not exist, and using their money to fund his own vacations and other expenses. It’s inexcusable. I want to thank the victims who came forward and reported this scheme to law enforcement, as well as the detectives and prosecutor for ensuring that he is held accountable.”
Matthew Gallagher, 37, is charged with five counts of Grand Larceny in the Second Degree, a class C felony; 13 counts of Grand Larceny in the Third Degree, a class D felony; three counts of Identity Theft in the First Degree, a class D felony; two counts of Attempted Grand Larceny in the Third Degree, a class E felony; two counts of Scheme to Defraud in the 1st Degree, a class E felony; Petit Larceny, a class A misdemeanor; and seven counts of Issuing a Bad Check, a class B misdemeanor.
Between 2017 and 2021, Gallagher is alleged to have stolen more than $700,000 from approximately 24 victims by representing that he would invest their money in several start-up business ventures and promising a high rate of return on the investments. The purported investment opportunities included a legal marijuana farm in California; a hard seltzer company based in the Hamptons; an audio-visual company that was being liquidated; an insurance agency that Gallagher claimed he was going to open; and a company he claimed to own called National Comp Advisors, a consulting business for insurance agents.
Instead of investing the victims’ money, Gallagher allegedly used it for personal expenses and to pay back other victims, misrepresenting that the funds were returns on their investments.
Gallagher also allegedly used one of his victims’ credit cards to book airfare and lodging in Orlando, Florida, for a trip to Disney World for himself and his family.
Gallagher was arrested on Nov. 27, 2019, and charged in connection with the alleged scheme with respect to three separate victims. Further investigation by the Suffolk County District Attorney’s Office and Suffolk County Police Department’s Seventh Precinct Squad resulted in the identification of approximately 21 additional victims.
Gallagher was arraigned on the indictment today by Suffolk County Supreme Court Justice John Collins and was released on supervised released with GPS monitoring. Justice Collins also imposed an 11 p.m. curfew for Gallagher and ordered that he be prohibited from traveling outside of New York State. Gallagher is being represented by Richard Pellegrino and is due back in court on July 13, 2021.
If convicted of the top count, Gallagher faces a maximum sentence of five to 15 years in prison.
This case is being prosecuted by Assistant District Attorney Michelle Kaszuba, of the Financial Investigations & Money Laundering Bureau.
A criminal charge is merely an accusation and the defendant is presumed innocent until and unless proven guilty.