The last member of a money-lusting duo, who swindled their victims out of millions of dollars in a Ponzi scheme, has been sentenced to spend the remainder of her life behind bars.
Debra Mae Carter, 65, mistress of Texas Christian radio host, “The Money Doctor,” was sentenced to life in prison for stealing $31 million from nearly 200 retirees over 10 years, according to the Tarrant County District Attorney’s office in Fort Worth, Texas.
Tarrant County prosecutors believe Carter was the mastermind behind the scheme to make fake documents to launder the money she and her partner, William Neil “Doc” Gallagher, stole.
Gallagher was sentenced in 2021 to three life prison sentences plus 30 years in Tarrant County on forgery, securing the execution of a document by deception, theft of property and exploitation of the elderly.
Gallagher, 84, and his Gallagher Financial Group advertised on Christian radio with the tagline, “See you in church on Sunday.” He promoted his investment business in books, such as “Jesus Christ, Money Master,” and on Christian radio broadcasts.
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Through his radio show “The Money Doctor,” which aired on several Salem Media Group-owned stations, Gallagher conned listeners to meet him, the New York Post reported. Then, he reportedly discussed what he called a risk-free income, guaranteeing annual returns of 5% to nearly 9% if they invested in securities with him.
Gallagher described the investment as a “retirement income you’ll never outlive,” the Post said. But Carter reportedly made sure the elderly retirees could not recover the funds.
Carter, who represented herself at trial, checked herself into a hospital during the proceedings, according to the Tarrant County press release.
Tarrant County Assistant District Attorney Lori Varnell told Fox 4 that Carter “was more culpable in many ways because I believe that she was the idea person behind the Ponzi scheme.”
The press release said Carter laundered the money through rental homes, land, and fake charities. Authorities also seized about $200,000 in gold and silver from her travel trailer, the release said.
“What struck me about this case was the many ways in which Ms. Carter was deceptive and her ability to keep straight so many different lies that she was spinning,” Varnell said.
Sheila Stogsdill is a freelance print journalist and digital reporter, primarily covering crime issues for KSN/KODE.
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