William Gallagher, 70, of Memorial Drive in Asbury Park is indicted by a Monmouth County Grand Jury after allegedly withholding $70,000.00 from his clients according to the Monmouth County Prosecutors Office.

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Gallagher faces charges featuring one count of Second Degree Theft by Failure to Make Required Disposition and Third Degree Misapplication of Entrusted Funds.

The first of those charges carries a possible five to ten years in state prison for Gallagher if convicted.

A 19-month probe into his alleged actions began when one of the victims came forward saying she didn't get the $23,037.35 due to her stemming from a civil settlement related to a premises liability action.

Gallagher allegedly siphoned the funds on three different occasions between 2013 and 2014 while representing clients in civil action cases.

After negotiating settlements he took the money for himself and stored it for a total of $71,615.69 after it was placed in the firm's attorney trust account.

He's been suspended from practicing law in New Jersey since January of 2015.

Despite these charges, every defendant is presumed innocent, unless and until found guilty beyond a reasonable doubt, following a trial at which the defendant has all of the trial rights guaranteed by the U.S. Constitution and State law.

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