A Texas woman was given a life sentence on Tuesday for her involvement in a Ponzi scheme. She helped a Christian radio host scam elderly listeners out of millions, according to prosecutors.
Debra Mae Carter, 65, was found guilty of money laundering on July 8 after a two-week trial. She was romantically involved with William Neil “Doc” Gallagher, a former Texas radio host who ran the Ponzi scheme.
Gallagher, known as the “Money Doctor,” was sentenced in November 2021 to three life terms plus 30 years for crimes including forgery and theft. He ran an investment business called Gallagher Financial Group with offices in Hurst and Dallas, where he admitted to cheating investors from 2013 to 2019.
Most of his victims were elderly clients of Gallagher Financial Group. Together, Gallagher and Carter defrauded over 170 people, stealing more than $31 million.
Prosecutors said Gallagher’s job was to bring in the money, while Carter’s role was to make sure the victims couldn’t get it back. They planned to retire together on a large ranch.
Gallagher often advertised his business on Christian radio and wrote a book called “Jesus Christ, Money Master.” He also held seminars to promote his business.
Prosecutors said Carter and Gallagher took more than $31 million over 10 years, leaving many retirees in financial trouble. Carter laundered much of the money through rental properties, land, and fake charities. Authorities seized about $200,000 in gold and silver from her travel trailer.
During the sentencing, victims shared how losing their money had affected them. Brenda Wilkerson, 84, lost money she had inherited, which could have helped pay off her mortgage. Instead, she will continue making payments for the rest of her life.