By Aliza Chasan
A Texas woman, Debra Mae Carter, was sentenced to life in prison on Tuesday for her role in a Ponzi scheme that defrauded over 170 senior citizens out of approximately $31 million. Carter, along with her co-conspirator William Neil Gallagher — a Christian radio host who went by the name “Money Doctor” — manipulated elderly individuals’ retirement savings for their personal gain, Tarrant County prosecutors revealed.
Gallagher was responsible for soliciting the investment funds, while Carter ensured that the victims could not recover their stolen money. Assistant District Attorney Lori Varnell explained that the funds were retirement savings that Carter repeatedly funneled into her personal accounts, laundering them through fake charities, rental properties, and land deals.
During the trial, Carter, who represented herself in court, heard from several victims who spoke about the devastating financial impact the scam had on their lives. One of the victims, 84-year-old Brenda Wilkerson, shared how losing her savings meant she would be forced to continue making mortgage payments on her home until her death. Wilkerson emotionally declared, “Debbie Carter deserves life in prison. She has ruined so many lives.”
In addition to the stolen retirement funds, investigators uncovered around $200,000 in gold and silver during a search of Carter’s travel trailer, further highlighting her criminal activity. Carter’s sentencing follows that of Gallagher, who received three life sentences on November 1, 2021, for charges that included theft, forgery, and elderly exploitation.
Gallagher, prior to his conviction, ran the Gallagher Financial Group, which falsely advertised its services on Christian radio. His business promoted investment schemes under the tagline “See you in church on Sunday” and published books like Jesus Christ, Money Master, which many victims trusted due to Gallagher’s religious associations.
Prosecutor Varnell didn’t mince words in describing Carter, calling her “a blight on society,” and emphasizing that she used deceit to prey on vulnerable seniors. “She’s just a liar. That’s what she does,” Varnell said.
Both Carter and Gallagher planned to retire together, but their scheme has now left behind shattered lives and destroyed trust. The sentencing serves as a sobering reminder of the dangers posed by fraudsters who prey on vulnerable individuals, particularly the elderly.
