Friends and family of Jeremy Johnson fronted $2.8 million worth of property to bail Johnson out of jail on Wednesday.
The St. George businessman was arrested by IRS agents in Phoenix on June 11, and has been in custody ever since. Johnson was initially arrested on a single charge of fraud in connection to his St. George business iWorks.
The Federal Trade Commission has filed charges against Johnson and iWorks in federal court. The FTC says that iWorks and related businesses took nearly $350 million over the last ten years, and Johnson received around $48 million of that amount.
Johnson was denied bail last month when U.S. Magistrate David Nuffer rejected the $1 million proposal made by friends and family of Johnson. The offer was rejected after Nuffer learned through the testimony of Johnson’s former business associate Chad Elie, that Johnson allegedly had hidden caches of gold and cash all around southern Utah.
Johnson will be required to wear an electronic tracking device and will not be allowed outside of the state. The only exception to this is the time he is working on his civil case in Nevada.