Texas woman sentenced to life for role in Christian radio host's $31M Ponzi scheme

A Texas woman was sentenced Tuesday to life in prison for her role in a Ponzi scheme, in which she helped a Christian radio host bilk elderly listeners out of millions of dollars, prosecutors said.

Debra Mae Carter, 65, was found guilty by a jury on July 8 of money laundering after a two-week trial, according to the Tarrant County Criminal District Attorney's Office . Prosecutors said Carter is the mistress of former Texas radio host, William Neil "Doc" Gallagher, who operated the Ponzi scheme. They also believe Carter came up with the scheme.

'Money Doctor' defrauded elderly investors

In November 2021, Gallagher, who called himself the "Money Doctor," was sentenced to three life sentences and an additional 30 years in prison on charges including forgery, securing the execution of a document by deception, theft of property, and exploitation of the elderly.

The 83-year-old ran the Gallagher Financial Group, an investment business with offices in the cities of Hurst and Dallas, according to the Texas State Securities Board. He confessed to defrauding investors from 2013 to 2019.

The majority of his victims were elderly and most were clients of Gallagher Financial Group, the Texas State Securities Board said. Federal and state authorities accused Gallagher and Carter of scamming over 170 people out of more than $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," the Tarrant County Criminal District Attorney’s Office wrote in a statement . "The two ultimately planned to retire to a huge ranch together."

More than 170 retired victims lost combined $31 million

Gallagher frequently promoted his business on Christian radio and in books, such as "Jesus Christ, Money Master," the Texas State Securities Board said. He also regularly conducted in-person "educational" seminars, where he would promote his business.

Prosecutors said Carter and Gallagher gained more than $31 million over 10 years, "leaving more than 170 mostly retired victims in their wake," according to the Tarrant County Criminal District Attorney’s Office.

"These were hard-earned retirement (dollars) which … got put into her account over and over again," Tarrant County Assistant District Attorney Lori Varnell said during the trial, according to an excerpt released by prosecutors. "She is a blight on society."

"She's just a liar. That's what she does," Varnell added. Prosecutors said Carter laundered much of the money through rental homes, land, and fake charities. Authorities seized about $200,000 in gold and silver after it was found in her travel trailer.

84-year-old victim lost $50,000 to Ponzi scheme

During the sentencing hearing, victims detailed the impact of losing their investment money, according to the Tarrant County Criminal District Attorney’s Office.

Brenda Wilkerson, 84, had lost money she and her now-late husband inherited after investing it with Gallagher, prosecutors said.

"If she had that money now, she could pay off the mortgage on her home," prosecutors added. "Instead, she said she will be making payments until she dies."

Wilkerson said Carter showed no remorse for her actions and the people she's hurt. Wilkerson and her husband had invested $50,000 in 2016 after hearing that an elder at their church had invested.

By March 2019, Wilkerson's husband had died and the money they had invested was gone.

"I was already under such tremendous stress from losing my husband. That just really was a punch in the gut," Wilkerson said. "I wanted her to get a life sentence. She damaged too many people's lives."

So far Wilkerson has only seen $4,200 of her $50,000 investment, Fox 4 News reports .

This article originally appeared on Austin American-Statesman: Texas woman sentenced to life for role in Christian radio host's $31M Ponzi scheme