A federal grand jury in the Northern District of Texas has returned a six-count indictment against a 41-year-old Dallas man accused of running a multi-year bank and wire fraud scheme that allegedly caused more than $20 million in losses to banks and private lenders.
U.S. Attorney Ryan Raybould announced the charges on Thursday. Garrett Douglas Johnson is charged with five counts of bank fraud and one count of wire fraud. The indictment was returned August 19.
Official Announcement and Charges
The U.S. Attorney’s Office for the Northern District of Texas stated that Johnson allegedly obtained more than $40 million in loans between 2018 and 2024 by submitting falsified financial records. Prosecutors say he overstated revenue, fabricated balances in law firm trust accounts, and concealed existing debt.
According to the announcement, Johnson presented himself as an owner, manager, or partner in at least 10 entities operating in Texas and Oklahoma. Those include Federal Employee Services, LLC; American Select Partners, LLC; Marina Del Rey, LLC; Hard Knox Holdings, LLC; Hilyard Capital, LLC; Sloan Ventures, LLC; 30Days Holdings, LLC; Jet Texas Oil, LLC; Jett Holdings, LLC; and Blue Duck Energy, LTD. He maintained residences in Dallas as well as Kingston and Edmond, Oklahoma.
Alleged Loan Transactions
The indictment describes specific transactions involving FDIC-insured institutions such as Texas Capital Bank, Happy State Bank, American National Bank & Trust, and Gateway First Bank:
- August 2020: A $1.5 million loan from Texas Capital Bank after a claim of more than $6.6 million held in a trust account.
- December 2021: A $9.23 million loan from Happy State Bank described as intended for marina improvements; prosecutors allege funds were diverted to oil and gas interests.
- April 2022: A $6.5 million revolving line of credit based on claims that American Select Partners held more than $9 million in accounts receivable, followed by a $1 million extension.
- July 2022: A $5 million loan for 30Days Holdings.
- A private lender was induced to wire $2.5 million based on representations about purchasing a stake in Blue Duck Energy that was not for sale.
Prosecutors allege loan proceeds were used to pay prior debts, fund other ventures, and transfer more than $100,000 to a personal account for IRS payments.
Statement from U.S. Attorney
“As alleged, Mr. Johnson repeatedly falsified his financial records to obtain millions in loans, inflicting significant losses on banks and private lenders,” Raybould said. “This conduct strikes at the integrity of our banking system and financial markets, institutions that are foundational to North Texas’s rapid economic expansion and its emergence as a national center for the financial industry.”
If convicted, Johnson faces up to 30 years in federal prison on each bank fraud count and up to 20 years on the wire fraud count. The government seeks forfeiture of property tied to the offenses.
The FBI Dallas Field Office investigated. Assistant U.S. Attorney Chad E. Meacham is handling the prosecution.
An indictment is an accusation. The defendant is presumed innocent unless and until proven guilty.
A related civil filing in Dallas County District Court from 2023 involved allegations that a Garrett D. Johnson used forged correspondence claiming substantial balances in a law firm trust account to obtain loans or credit.
Provided by Dallas Express
