A Mountain Home man was arrested today on fraud and theft charges, a report said.
Shawn Gregory Cone, 40, and his wife sold a houseboat to another Mountain Home man for $275,000 in August of 2011, a report from the Baxter County sheriff's office said.
A representative from Liberty Bank approached the buyer April 9, 2012, and said that Cone and his wife had not paid off their loan on the boat, which was needed to release the bank's collateral interest on the boat.
Bank representatives later locked up and secured the boat. The buyer reported the events to the sheriff's office.
Cone faces charges of defrauding a secured creditor and theft of property. A judge set his bail at $275,000. Cone will appear in Baxter County circuit court April 26.