Skip to main content

Man convicted in boat-loan fraud

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.

Related

1_IBEXAWARDS

Deadline Set for IBEX Innovation Awards

Organizers said entries for this year’s program must be completed by Aug. 16.

1_OCEANCRAFT

Ocean Craft Marine Announces New Sales Agent

The company said Capt. Andy Langesfeld will serve as Southeast sales agent and brand ambassador for its amphibious RIBs.

1_WEBASTORESULTS

Webasto Posts Losses in FY 2021, Q1 of 2022

Although overall sales are growing, the company said strategic investments and lower China revenue resulted in persistent losses.

1_YAMAHAZLOTNICK

Yamaha Names Marketing Manager for WaterCraft

The company said Leslie Zlotnick will oversee advertising, public relations, digital marketing and events.

norm

Who Is Watching Us Fish?

NOAA has started electronic tracking of charter boats in the Gulf of Mexico. Could recreational anglers be next?

1_COX

Cox Expands Partnership with Gulf Yachts

The diesel outboard manufacturer said the agreement adds Bahrain and the UAE to Gulf’s territories in Qatar, Oman, Kuwait and Lebanon.

1_EVOY

Evoy Announces New Round of Capital

The Norwegian electric inboard and outboard manufacturer said it will use the funds to further develop its propulsion systems.

1_NEWPORTPRODUCTS

Newport Show Accepting Applications for Product Awards

The Newport for New Products program recognizes new boats, gear and more based on design, innovation and value to the consumer.