PORTLAND, Maine (AP) A Maine man pleaded guilty to submitting fraudulent Paycheck Protection Program loan applications for which he received more than $1 million, some of which was used for a down payment on a sailboat.

Mark X. Haley II, 42, of Rockport, used false employee and payroll information and submitted fraudulent documents to support his applications for businesses he controlled, federal prosecutors said. He entered his guilty plea on Wednesday and remains free while awaiting sentencing. He faces up to 30 years in prison.

Joleen Simpson, special agent in charge of the IRS criminal investigations office in Boston, said the case should serve as a “stark reminder” that criminals will be held accountable. The bogus PPP applications included misrepresented the number of employees, size of payroll, and intended use of the proceeds, prosecutors said.

“While many legitimate businesses used PPP loans to keep their businesses afloat, Mark Haley, motivated by personal greed, set his sails on a scheme to obtain lavish luxuries,” she said.

Paycheck Protection Program loans were designed to be forgivable loans for small businesses to help with job retention and other expenses during the COVID-19 pandemic.