September 4, 2026

Bob Coleman
Founder & Publisher

Fraud Friday: The $8,713,378.24 That Showed Up at Two Banks 

American National Bank & Trust was told Garrett Douglas Johnson had $8,713,378.24 sitting in a law firm trust account.

Three months later, Gateway First Bank was given the same number.

$8,713,378.24.

To the penny.

The indictment says the trust-account representation was false.

That was one piece of a six-year borrowing operation in which Johnson obtained more than $40 million from banks. The indictment says he used false financial information, overstated revenue and accounts receivable, claimed millions were held in law firm trust accounts, and omitted substantial outstanding loan balances.

The borrowing moved through different companies.

Texas Capital Bank loaned American Select Partners $1.5 million in August 2020. Johnson represented that $6,632,542 was held in a law firm trust account. The loan was for refinancing and working capital.

The indictment says Johnson used the proceeds to pay off a prior bank loan and sent $100,000 to Marina Del Rey for operating expenses.

Happy State Bank came next.

In December 2021, the bank loaned Marina Del Rey $9.23 million. The deal included $3 million for construction and repairs to boat slips and docks. Johnson represented that $6,213,378 was held in a law firm trust account.

The indictment says he used $3 million of the loan proceeds to buy oil and gas interests instead of making the marina improvements.

Four months later, American National Bank & Trust approved a $6.5 million revolving line of credit for American Select.

Johnson represented that American Select had more than $9 million in accounts receivable.

And $8,713,378.24 in a law firm trust account.

He drew the entire $6.5 million.

The indictment says most of the money went to pay other loans.

Then came Gateway First Bank.

In July 2022, Gateway loaned $5 million to another Johnson company, 30Days Holdings, for working capital.

The numbers were familiar.

More than $9 million in American Select accounts receivable.

And $8,713,378.24 in a law firm trust account.

The same trust-account balance American National had seen three months earlier.

Johnson had another $2 million revolving credit facility at CrossFirst Bank during the same period. CrossFirst declared the loan in default in May 2023. By January 2025, the full $2 million principal remained outstanding and the total obligation had reached $2.18 million. Its civil lawsuit did not allege fraud in the original loan.

Johnson was indicted August 19 on five counts of bank fraud and one count of wire fraud. The indictment puts losses to financial institutions at more than $20 million and losses to individuals at more than $4 million.  

Different companies. Different banks. Different loan purposes.

But in at least two loan files, the supposed law firm trust balance was identical.

$8,713,378.24.

To the penny say the Feds.