Garrett Douglas Johnson indicted in $20 million fraud scheme

A federal grand jury has indicted Garrett Douglas Johnson, a 41-year-old man from Dallas, for an alleged multi-year loan fraud scheme involving more than $20 million. Johnson faces five counts of bank fraud and one count of wire fraud.

Prosecutors allege that between 2018 and 2024, Johnson used falsified financial records, inflated revenue, and fabricated trust-account balances to secure loans. While he allegedly obtained over $40 million in total loans, primarily from FDIC-insured banks, the indictment focuses on the fraudulent methods used to obtain at least $20 million.

Specific allegations include securing a $1.5 million loan from Texas Capital Bank by claiming to hold $6.6 million in a trust account, and obtaining a $9.23 million loan from Happy State Bank for marina improvements, which was allegedly diverted toward oil and gas investments. Johnson reportedly presented himself as an owner or partner of various entities, including Federal Employee Services and Jet Texas Oil, to facilitate the scheme.