Crime News
Mistress of Fort Worth 'Money Doctor' Ponzi schemer gets life in prison
A money-laundering criminal is in jail for life: Debra Mae Carter, 65, the mistress of Christian Ponzi schemer William Neil "Doc" Gallagher, was sentenced to life in prison, according to a release from Tarrant County Criminal District Attorney Phil Sorrells.
She was sentenced for the role she played in Gallagher's scheme that bilked senior citizens out of millions of dollars.
Gallagher, who called himself the "Money Doctor," was sentenced November 1, 2021, to three life sentences in prison, plus another 30 years behind bars, on charges including forgery, securing the execution of a document by deception, theft of property, and exploitation of the elderly.
Gallagher and Carter had separate roles: Gallagher brought in the money, and Carter made sure it was not recovered by the victims. The two ultimately planned to use the money to retire to a huge ranch together.
Gallagher confessed to defrauding investors from 2013 into 2019. Most of the victims were clients of his firm, Gallagher Financial Group Inc., which had offices in Hurst and Dallas.
Carter was found guilty, after a two-week trial that featured an ex-spouse, investors, and Gallagher himself, by a Tarrant County jury on July 8 of money laundering, then sentenced by Judge Elizabeth Beach on July 30.
Carter represented herself in the trial that was marked by delays when witnesses weren’t available and when Carter briefly checked herself into the hospital.
According to Tarrant County Assistant District Attorneys Lori Varnell, Nathan Martin, and Anastasia Frane, Carter and Gallagher gained more than $31 million over 10 years, leaving more than 170 mostly retired victims in their wake.
"These were hard-earned retirement (dollars) which ... got put into her account over and over again," Varnell said to the jury. "She is a blight on society." "She's just a liar. That's what she does."
Carter laundered much of the money through rental homes, land, fake charities, and more. About $200,000 in gold and silver was seized after it was found in her travel trailer.
During punishment, victims told the court about the impact losing their investment money had on them including one 84-year-old retiree, Brenda Wilkerson, who could have paid off her mortgage but now will be making payments until she dies.