DES MOINES, Iowa – An ex-securities agent from Texas is facing felony theft charges in Iowa.
55-year-old David William Johnson of Keller, Texas is facing four charges of first degree theft, as well as ongoing criminal conduct after complaints from residents in Algona, Pocahontas, Coon Rapids and Fort Dodge surfaced.
Authorities say Johnson took over $10,000 from each investor and used the money for his own benefit.
According to the Iowa Insurance Division, Johnson was a licensed securities agent and investment advisor in Iowa from 1984 until 2012.
Arrest warrants on July 3rd have been issued by the Humbolt County Sheriff’s Office and the Tarrant County Sheriff’s Office in Fort Worth. Johnson arrived in Humbolt County jail early this week. He is being held on a $500,000 cash-only bond.