According to prosecutors, a Christian radio host was able to scam millions of dollars from elderly listeners with the help of a Texas woman who was sentenced to life in prison on Tuesday for her involvement in the Ponzi scheme.
According to the Tarrant County Criminal District Attorney’s Office, Debra Mae Carter, aged 65, was found guilty of money laundering after a two-week trial by a jury on July 8. Prosecutors revealed that Carter is the mistress of William Neil “Doc” Gallagher, a former Texas radio host who was in charge of the Ponzi scheme.
In November of 2021, Gallagher, known as the “Money Doctor,” received three life sentences and an additional 30 years in prison due to charges that included theft of property, forgery, exploitation of the elderly, and securing the execution of a document through deception.
According to the Texas State Securities Board, the Gallagher Financial Group, an investment business with offices in Hurst and Dallas, was run by an 83-year-old individual who recently confessed to defrauding investors between 2013 and 2019.
According to the Texas State Securities Board, Gallagher Financial Group’s clients, primarily elderly individuals, were the main targets of his fraudulent activities. Gallagher and Carter were jointly charged by federal and state authorities for defrauding more than 170 people and stealing over $31 million.
According to the Tarrant County Criminal District Attorney’s Office, Gallagher’s primary responsibility in the plan was to procure the funds, while Carter’s responsibility was to ensure that the victims were unable to recover the money. The duo had envisioned retiring together on a vast ranch as their ultimate goal.
‘A blight on society’
According to the Texas State Securities Board, Gallagher was known for promoting his business on Christian radio and through his book titled “Jesus Christ, Money Master”. In addition, he often organized in-person seminars that he disguised as educational but were actually platforms for promoting his business.
According to the Tarrant County Criminal District Attorney’s Office, Carter and Gallagher earned over $31 million in a span of 10 years, leaving a trail of over 170 victims, most of whom were retired. Prosecutors have made this claim against the two individuals.
During the trial, Tarrant County Assistant District Attorney Lori Varnell stated that the retirement dollars, which were earned with great effort, were repeatedly deposited into her account. “She is a blight on society,” Varnell added, as per the excerpt released by prosecutors.
According to Varnell, the accused Carter is simply a liar and that’s what she specializes in. The prosecutor’s office revealed that Carter had laundered a significant portion of the money through phony charities, land, and rental homes. Upon searching her travel trailer, authorities discovered around $200,000 worth of gold and silver, which they subsequently seized.
At the Tarrant County Criminal District Attorney’s Office, victims provided testimony during the sentencing hearing, highlighting the devastating impact of losing their investment funds.
According to prosecutors, Brenda Wilkerson, now 84 years old, lost the money that she and her husband inherited after entrusting it to Gallagher. Sadly, her husband has since passed away.
Prosecutors revealed that the defendant could have paid off her mortgage if she had the money at the moment. However, she stated that she would be making payments until her death, which is a significant burden.