Texas Woman Sentenced to Life for Senior Citizen Ponzi Scheme

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A 65-year-old woman from Texas was given a life sentence on Tuesday due to her involvement in a Ponzi scheme that predominantly targeted elderly individuals. Debra Mae Carter, alongside William Neil Gallagher, a Christian radio host self-dubbed the “Money Doctor,” deceived over 170 individuals, defrauding them of approximately $31 million, according to prosecutors in Tarrant County.

Gallagher was responsible for attracting investments, which were, in reality, the retirement funds of victims, while Carter’s role was to ensure these individuals were unable to reclaim their funds. “These were hard-earned retirement (dollars) which … got put into her account over and over again,” explained Assistant DA Lori Varnell.

The illicit gains were laundered by Carter through various means including rental properties, parcels of land, and fictitious charities. When law enforcement searched her travel trailer, they discovered about $200,000 in gold and silver.

During her trial, in which she represented herself, several victims articulated the profound impact the fraudulent scheme had on their lives. Among them was 84-year-old Brenda Wilkerson, who lamented that the loss of her savings would force her to continue making mortgage payments “until she dies.”

Wilkerson firmly stated, “Debbie Carter deserves life in prison. She has ruined so many lives.”

Prosecutors disclosed that Carter and Gallagher had plans to retire together at a ranch. On November 1, 2021, Gallagher received three consecutive life sentences plus an additional 30 years for multiple offenses including forgery, theft, and exploitation of the elderly.

Prior to his conviction, Gallagher operated Gallagher Financial Group, widely promoted on Christian radio under the slogan “See you in church on Sunday.” His promotional efforts extended to authoring books like “Jesus Christ, Money Master.”

Assistant DA Varnell described Carter as “a blight on society,” labeling her “just a liar. That’s what she does.”


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