North Texas woman gets life in prison in $31 million Christian Ponzi investment scheme
A North Texas woman was sentenced Tuesday to life in prison for her role in helping her partner con millions of dollars out of senior citizens through an investment business, the Tarrant County Criminal District Attorney’s Office said.
On July 8, a jury found Debra Mae Carter, 65, guilty of money laundering in her lover’s Ponzi scheme.
Carter’s partner, William Neil “Doc” Gallagher, was sentenced in November 2021 to three life sentences and another 30 years on charges of forgery, securing the execution of a document by deception, theft of property, and exploitation of the elderly. He ran the Gallagher Financial Group, based out of Hurst.
Gallagher called himself the “Money Doctor” and promoted his business on Christian radio broadcasts and other forms of media, using the tag line “See you in church on Sunday,” according to the DA’s Office. He also wrote a book called, “Jesus Christ, Money Master.”
Carter’s role in the Ponzi scheme was to make sure the money was not recovered by the victims while Gallagher brought in the money, the release says.
The two gained over $31 million over a span of 10 years, scamming more than 170 victims, who mostly were retired people, according to the release.
“These were hard-earned retirement (dollars) which ... got put into her account over and over again,” said Assistant District Attorney Lori Varnell. “She is a blight on society.”
Carter laundered the money through rental homes, land, fake charities and other means, according to the release. Authorities also seized about $200,000 worth of gold and silver that investigators found in her travel trailer.
Brenda Wilkerson, one of Gallagher’s victims, spoke at the punishment hearing for Carter. The 84-year-old will have to continue paying the mortgage on her home due to money she lost in Gallagher’s scheme, she told the court.
“Debbie Carter deserves life in prison,” Wilkerson said. “She has ruined so many lives... It’s despicable.”
This story was originally published July 30, 2024 at 2:55 PM.
