Man convicted in boat-loan fraud

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A Michigan man faces up to 30 years in prison for helping run a boat-buying scheme that involved applying for hundreds of thousands of dollars in bank loans for boats that didn't exist.

William King, 46, was convicted Friday by a federal jury in Detroit on charges of bank fraud and bank fraud conspiracy, the Detroit Free Press reports.

According to court records, King's scheme involved falsifying employment and income information for loan applicants, who then applied for loans on boats that did not exist. At least three of the loans were for more than $200,000, but arrests were made before any loan proceeds were disbursed.

King will be sentenced in November.

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