I'm sorry, but I have to send a reply...
I have a nickname for Mr. Bill...it's
No, he is not in jail. He is currently selling real estate in Coral Gables, FL.
His name has been mentioned in here many times.
To the person who started this thread, call your bank and ask for their Legal Department. More than likely, you have 2 boat loans and more than likely, you will end up being boat-less.
Unfortunately, I feel it will take years for all of this to be worked out. Whether or not Bill ends up in jail remains to be seen.