A Dallas man has been indicted on federal charges accusing him of defrauding banks and private lenders of more than $20 million through a yearslong scheme involving falsified financial records and loan applications, prosecutors said.
Garret Douglas Johnson, 41, was charged with five counts of bank fraud and one count of wire fraud, according to a news release from the U.S. Attorney’s Office for the Northern District of Texas. The FBI’s Dallas Field Office investigated the case.
Federal prosecutors allege Johnson obtained more than $40 million in loans between 2018 and 2024, often by submitting false financial documents, overstating revenue and stating millions of dollars were held in trust accounts that did not exist.
According to the indictment, Johnson represented himself as an owner, manager or partner of several companies while seeking financing from banks and private lenders.
Among the businesses prosecutors say Johnson said he represented were Marina Del Rey, a Lake Texoma marina operator that later filed for bankruptcy; oil and gas company Blue Duck Energy; and Dallas-area insurance business American Select Partners.
Prosecutors allege Johnson obtained loans from several financial institutions and used money from new loans to repay earlier debts, fund unrelated business ventures and transfer more than $100,000 to a personal account to pay the IRS.
In one instance, federal authorities say Johnson secured a $9.23 million loan in 2021 for marina improvements but diverted millions of dollars to purchase oil and gas interests.
The following year, prosecutors allege Johnson obtained a $6.5 million revolving line of credit after falsely stating one of his companies had more than $9 million in accounts receivable.
Johnson is also accused of convincing a private lender to wire $2.5 million after allegedly misrepresenting how the money would be used, prosecutors said.
If convicted, Johnson faces up to 30 years in federal prison on each bank fraud charge and up to 20 years on the wire fraud charge. Prosecutors are also seeking forfeiture of property tied to the alleged offenses.