MOUNTAIN HOME, AR (KAIT)- Felony charges of Defrauding a Secured Creditor and Theft of Property have been filed against a Mountain Home man after Lt. Terry Johnson got a warrant Monday for his arrest.
John F. Montgomery, Baxter County Sheriff, said Lt. Johnson took a complaint report from another Mountain Home man in early April of 2012. The report said he was approached by 40-year-old Shawn Cone and his wife in the summer of 2011 about buying their houseboat for an agreed selling price of $275,000. On August 19, 2011, Shawn Cone accepted payment and issued a bill of sale to the buyer.
A Liberty Bank representative in Mountain Home looked at the bill of sale he was given by Cone. The representative told the buyer that Cone and his wife had never paid off their loan on the property to release the bank's secured collateral interest on the boat.
While Liberty Bank representatives took measures to secure the boat, the buyer went to the Sheriff's Office to report the crime.
Cone's court date is on April 26 with a bond at $275,000 cash. Sheriff Montgomery also says additional charges are being considered.