Texas Woman Sentenced to Life in Prison for Ponzi Scheme Targeting Elderly

A Texas woman, Debra Mae Carter, 65, was sentenced to life in prison for her role in a Ponzi scheme that defrauded elderly listeners of a Christian radio host out of millions. Carter, the mistress of former Texas radio host William Neil "Doc" Gallagher, was found guilty by a jury of money laundering in July.

"These were hard-earned retirement [dollars] which … got put into her account over and over again. She is a blight on society. She's just a liar. That's what she does." — Tarrant County Assistant District Attorney Lori Varnell

'Money Doctor' Defrauded Elderly Investors

Gallagher, self-dubbed the "Money Doctor," was sentenced to three life sentences plus 30 years in 2021 for forgery, theft, and exploitation of the elderly. From 2013-2019, he defrauded over 170 people, mostly retirees, out of $31 million through his Gallagher Financial Group.

Impact on Victims

One victim, 84-year-old Brenda Wilkerson, lost $50,000 she and her late husband had invested with Gallagher. Wilkerson, who will be paying her mortgage until she dies, said Carter showed no remorse for ruining lives.

Justice Served

Carter and Gallagher's scam was exposed, and authorities seized $200,000 in gold and silver from Carter's travel trailer. Prosecutors revealed that the pair planned to retire to a huge ranch together, but instead, justice prevailed with their life sentences.

Sources:

• Tarrant County Criminal District Attorney's Office
• Facebook - Tarrant County Criminal District Attorney’s Office
• [Texas State Securities Board](https://www.ssb.texas.gov/documents/enf/ GallagherFinalOrder2020.pdf)
• Fox 4 News