Dallas man indicted for multi-million-dollar bank and wire fraud scheme

DALLAS — United States Attorney for the Northern District of Texas, Ryan Raybould, announced that a Dallas man was charged Aug. 19 in a sweeping, multi‑count indictment alleging he defrauded banks and individual lenders out of more than $20 million. A federal grand jury returned a six‑count indictment against Garrett Douglas Johnson, 41, charging him with five counts of bank fraud and one count of wire fraud. “As alleged, Mr. Johnson repeatedly falsified his financial records to obtain millions in loans, inflicting significant losses on banks and private lenders,” said U.S. Attorney Ryan Raybould. “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. As more companies and financial firms relocate to the region, maintaining trust in these markets is indispensable to sustaining that growth. We will continue to aggressively pursue major financial fraud cases and hold accountable those who threaten the strength and stability of our financial system.” According to the indictment, Johnson, who maintained residences in Dallas, Texas, and Kingston and Edmond, Oklahoma, held himself out as the manager, owner, or partner of several business entities, including 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. The indictment alleges that from 2018 through 2024, Johnson engaged in a long‑running scheme in which he secured loans by submitting falsified financial documents, overstated revenue claims and fabricated trust‑account balances. In many cases, prosecutors say Johnson failed to disclose substantial existing loan obligations while claiming to hold millions of dollars in escrowed funds in law‑firm‑managed trust accounts that did not exist. Johnson allegedly obtained more than $40 million in loans, largely from FDIC‑insured financial institutions including Texas Capital Bank, Happy State Bank, American National Bank & Trust, Gateway First Bank and others. He is accused of using new loan proceeds to pay off previous fraudulent loans, diverting funds for unrelated business ventures and moving more than $100,000 into a personal account to pay the IRS. Among the specific acts outlined in the indictment: In August 2020, Johnson secured a $1.5 million loan from Texas Capital Bank after falsely claiming he held more than $6.6 million in a trust account. In December 2021, he obtained a $9.23 million loan from Happy State Bank intended for marina improvements but instead diverted millions to purchase oil and gas interests. In April 2022, Johnson secured a $6.5 million revolving line of credit by falsely representing that American Select Partners held over $9 million in accounts receivable. In December 2022, he obtained another $1 million extension on that line of credit based on further misrepresentations. In July 2022, he secured a $5 million loan to 30Days Holdings using similar fraudulent claims about trust‑account balances and accounts receivable. In one instance, Johnson allegedly induced an individual lender (“Individual A”) to wire $2.5 million based on false assurances about purchasing a partner’s stake in Blue Duck Energy, an interest Johnson knew was not actually for sale. 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 indictment also seeks forfeiture of any property traceable to the offenses. The FBI – Dallas Field Office conducted the investigation. Assistant U.S. Attorney Chad E. Meacham from the Fraud section is prosecuting the case. An indictment is merely an allegation of criminal conduct, not evidence. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.