On Tuesday, a 65-year-old woman from Texas was handed a life sentence for her involvement in a Ponzi scheme that preyed on senior citizens.
According to a press news release from Tarrant County prosecutors, Debra Mae Carter teamed up with William Neil Gallagher, a self-proclaimed “Money Doctor” and Christian radio host, to con over 170 individuals out of approximately $31 million. Gallagher was responsible for bringing in the funds, which Assistant DA Lori Varnell described as retirement savings, while Carter played a critical role in preventing the victims from recovering their money.
Varnell stated that the retirement funds were diligently accumulated over time and repeatedly deposited into her account.
After laundering the money through rental homes, land, and fake charities, Carter was caught by investigators. During the search of her travel trailer, authorities discovered approximately $200,000 worth of gold and silver.
During the trial, Carter chose to represent herself. At the sentencing hearing, victims of the Ponzi scheme shared the devastating impact it had on their lives. One victim, 84-year-old Brenda Wilkerson, revealed that she lost her entire life savings to the scheme. She expressed her fear that without the money, she will be forced to make mortgage payments on her home until the end of her life.
According to Wilkerson, Debbie Carter should spend the rest of her life behind bars for the harm she has caused to numerous individuals. “She has destroyed a lot of lives,” he stated firmly.
According to prosecutors, Carter and Gallagher had intentions to retire together at a ranch.
On November 1, 2021, Gallagher received a sentence of three life imprisonments and 30 additional years. The charges against him included forgery, theft of property, and exploitation of the elderly. The sentences are to be served concurrently.
According to CBS Texas, prior to being convicted, he was the head of the Gallagher Financial Group, which marketed itself on Christian radio with the catchphrase, “See you in church on Sunday.” Gallagher also promoted his investment business through publications like “Jesus Christ, Money Master.”
According to Varnell, Carter is a disgrace to society and her primary trait is being dishonest. He stated, “She’s just a liar. That’s what she does.”