TARRANT COUNTY, Texas — Debra Mae Carter, the alleged business partner and mistress of William “Doc” Gallagher, a North Texas radio host who was convicted of stealing millions of dollars from senior citizens in a Ponzi scheme, was sentenced Tuesday to life in prison, officials said.
Gallagher, who called himself “the Money doctor,” received three life sentences for charges including forgery, securing the execution of a document by deception, theft of property, and exploitation of the elderly, in 2021.
A Tarrant County jury found Carter, 65, guilty of money laundering in connection with the scheme after a two-week trial that featured Gallagher, investors, and more, officials said. Judge Elizabeth Beach sentenced Carter on July 30.
Prosecutors said during the trial that Carter and Gallagher took more than $31 million over 10 years from more than 170 mostly retired people.
Carter laundered the money through rental homes, fake charities and more, officials say. About $200,000 worth of gold and silver was seized after it was found in her travel trailer, according to a news release.
Carter represented herself in the trial, which was marked by delays, including when Carter briefly checked herself into a hospital, according to a press release.
Gallagher, who made frequent religious references in his three radio shows to target Christian investors, falsely claimed to be a licensed investment adviser and promised investors that they would receive guaranteed, risk-free returns in their accounts, according to a Securities and Exchange Commission complaint in 2019. In reality, except for one $75,000 annuity purchase, Gallagher didn’t invest any of the money he was given, according to the SEC.
Instead, he exhausted virtually all investor funds on spending unrelated to the accounts, including misappropriating significant portions for personal and company expenses and to make Ponzi payments to investors, according to the SEC complaint.
Gallagher and his companies’ assets were frozen and placed in receivership in March 2019, officials said.
Gallagher was indicted and arrested that same month, according to the SEC.
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