Patrick Gallagher & Michael Dion

What the public record shows

Patrick Gallagher and Michael Dion operated Global Forex Management, a foreign- exchange investment company. Both were convicted of conspiracy to commit securities fraud: Gallagher was sentenced to 5 years and Dion to 4 years 7 months in federal prison, and both were ordered to pay roughly $30.8 million in restitution, jointly and severally. These are criminal convictions — not allegations.

The scheme

According to the Department of Justice:

• Gallagher and Dion solicited victims to invest in Global Forex Management by promising large returns based on prior trading results — which they had fabricated.
• They told investors the money would be traded on a platform run by a co-conspirator’s company, IB Capital, but instead worked with co-conspirators in the Netherlands to steal the money.
• They intentionally created losing trades for investors, effectively stealing about $30 million.

Why we rate this 1 / 10 — Avoid

Convictions and multi-year sentences for a fraud built on the most common lie in managed-money marketing: a fabricated track record. Retail forex “managed accounts” promising big, steady gains are a recurring fraud vehicle.

Verify it yourself

• DOJ press release and case page — linked in Sources.
• NFA BASIC (nfa.futures.org) — check whether a forex or futures operator is registered, and its disciplinary history.
• CFTC — for enforcement actions against forex schemes.

Bottom line

Both convicted. A “track record” you can’t independently verify is just a story — and in retail forex, the story is very often a fraud. Demand third-party-audited results.

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