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Texas woman gets life for role in $31M Ponzi scheme
Debra Mae Carter has been handed a life sentence for laundering money in a Ponzi scheme orchestrated by a Christian radio host. The 65-year-old evaded justice for years, but her fate is now sealed.
Published July 31, 2024 at 9:39am by Alexis Simmerman
Texas Woman Gets Life Sentence for Christian Radio Ponzi Scheme
A Texas jury has sentenced Debra Mae Carter, 65, to life in prison for her role in a Ponzi scheme that defrauded elderly listeners of a Christian radio show out of millions of dollars. Carter, the mistress of radio host William Neil "Doc" Gallagher, was found guilty of money laundering in July. Prosecutors believed Carter devised the scheme, while Gallagher, the "Money Doctor," was sentenced to life in 2021 on charges including forgery, theft, and exploitation of the elderly. The pair swindled over 170 people out of $31 million, leaving many victims struggling financially.
A Texas woman, Debra Mae Carter, 65, was sentenced to life in prison on Tuesday according to the Tarrant County Criminal District Attorney's Office for her role in a Ponzi scheme that targeted elderly listeners of a Christian radio show. Carter was the mistress of radio host William Neil "Doc" Gallagher, and prosecutors believe she devised the scheme.
'Money Doctor' Defrauded Elderly Investors
Gallagher, the self-proclaimed "Money Doctor," was sentenced to three life sentences plus 30 years in prison in November 2021. He ran the Gallagher Financial Group, and confessed to defrauding investors from 2013 to 2019, most of whom were elderly.
"[Gallagher's] main role...was to bring in the money; [Carter's] role was to make sure it wasn't recovered by the victims. The two ultimately planned to retire to a huge ranch together."
-- Tarrant County Criminal District Attorney’s Office Facebook
Over 170 Victims Lost $31 Million
Together, Gallagher and Carter scammed over 170 people out of more than $31 million. Gallagher promoted his business on Christian radio and through books like "Jesus Christ, Money Master." He also held in-person "educational" seminars.
"These were hard-earned retirement [dollars]...She is a blight on society. She's just a liar."
-- Tarrant County Assistant DA Lori Varnell
Prosecutors said Carter laundered the money through various means, including rental homes, land, and fake charities. Authorities seized $200,000 in gold and silver from her travel trailer.
Victim Impact Statements
During the sentencing hearing, victims detailed the devastating impact of the scheme. Brenda Wilkerson, 84, lost money inherited from her late husband. She said Carter showed no remorse and that she "wanted her to get a life sentence." Wilkerson has only received $4,200 of her $50,000 investment back.
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