Prosecutors said that a Texas woman was given a life sentence on Tuesday for her involvement in a Ponzi scheme that involved her helping a Christian radio personality defraud senior listeners out of millions of dollars.
Following a two-week trial, a jury found Debra Mae Carter, 65, guilty of money laundering on July 8, according to the Tarrant County Criminal District Attorney’s Office. Carter is the mistress of William Neil “Doc” Gallagher, a former Texas radio personality who ran the Ponzi scheme, according to the prosecution.
Known by his stage name “Money Doctor,” Gallagher was found guilty in November 2021 of forgery, procuring the execution of a document by deception, theft of property, and elder abuse. He was also given three life sentences and an additional thirty years in prison.
The Texas State Securities Board states that the 83-year-old operated the Gallagher Financial Group, an investment company with offices in Dallas and Hurst. He admitted to scamming investors between 2013 and 2019.
According to the Texas State Securities Board, the most of his victims were elderly and Gallagher Financial Group clients. Gallagher and Carter were charged by federal and state authorities with defrauding more than 170 individuals out of approximately $31 million.
“Gallagher’s main role in the scheme was to bring in the money; Carter’s role was to make sure it was not recovered by the victims,” as per to the Tarrant County Criminal District Attorney’s Office. “The two ultimately planned to retire to a huge ranch together.”
In books like “Jesus Christ, Money Master,” Gallagher often advertised his company on Christian radio, according to the Texas State Securities Board. Additionally, he frequently gave live “educational” seminars during which he would advertise his company.
Carter and Gallagher allegedly made more than $31 million in ten years, “leaving more than 170 mostly retired victims in their wake,” according to the Tarrant County Criminal District Attorney’s Office, which represents the prosecution.
An excerpt from the trial by the prosecution states that Tarrant County Assistant District Attorney Lori Varnell stated, “These were hard-earned retirement (dollars) which… got put into her account over and over again.” “She is a blight on society.”
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“She’s just a liar. That’s what she does”, Varnell continued. Carter, according to the prosecution, used rental properties, land, and fictitious nonprofits to launder a large portion of the funds. After it was discovered in her travel trailer, authorities confiscated almost $200,000 worth of gold and silver.
According to the Tarrant County Criminal District Attorney’s Office, victims described the effects of losing their investment money during the sentencing hearing.
Prosecutors alleged that Brenda Wilkerson, 84, lost money that she and her late husband inherited and invested with Gallagher.
“If she had that money now, she could pay off the mortgage on her home,” prosecutors continued. “Instead, she said she will be making payments until she dies.”
