John Walker, the former owner of Cincinnati's Walker Marina, hoped to make some money by selling half of his marina business to two Kentucky partners.
Instead he siphoned almost $600,000 from the new partnership, prosecutors allege, and his partners won a $3 million judgment against him in 2008. That's also when Walker, 69, vanished, Cincinnati.com reported.
Last week, Walker was indicted on two counts of unauthorized use of property and six counts of aggravated theft that could send him to prison for 40 years.
He owned Walker Marina, but sold half of it in 2005 to Kentucky businessmen David Hulett and John Thomas Jones, who own a marina on Lake Cumberland. Hulett and Jones let Walker run the business the new partnership created.
Hulett and Jones alleged in a 2006 lawsuit, though, that Walker was pocketing the money the partnership made from selling boats and also was using company funds to pay bills for his other businesses and his personal expenses, according to the report.
They won a $3.7 million judgment in September 2008, but that's when Walker went missing. Hulett and Jones contacted Cincinnati police, who investigated and sent the case to prosecutors.
Walker is accused of stealing $570,000 from the partnership.