Texas Christian radio host’s mistress who dreamed of retiring to ranch with lover will spend the rest of her life in prison in $31M Ponzi scheme

Left inset: Debra Mae Carter (KDFWYouTube). Right inset: William "Doc" Gallagher (Texas State Securities Board). Background: Gallagher

Left inset: Debra Mae Carter (KDFW/YouTube). Right inset: William “Doc” Gallagher (Texas State Securities Board). Background: Gallagher’s retirement planning firm, Gallagher Financial Group Inc. (KTVT)

A Texas woman behind a plot to take $31 million from more than 170 senior citizens will spend the rest of her life in prison instead of the huge ranch she dreamed of retiring to with her Texas Christian “Money Doctor” Ponzi schemer lover.

Debra Mae Carter, 65, learned her fate on Tuesday for her role in the scheme hatched by William “Doc” Gallagher, who’s serving three life terms after being convicted of masterminding the plot, the Tarrant County Criminal District Attorney’s Office announced in a news release. Carter, who represented herself at a trial marked by numerous delays — one caused when she checked herself into a hospital — was found guilty on July 8 of money laundering.

“These were hard-earned retirement (dollars) which … got put into her account over and over again,” Tarrant County Assistant District Attorney Lori Varnell said. “She is a blight on society. She’s just a liar. That’s what she does.”

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