King was busted and got time for embezzling 5 Million from the credit union he managed. He was a major republican fundraiser and well connected politically. His alleged association with Boystown was denied by the priests in charge there, but any investigory attempts were stifled by those priests. Four victim/whisleblowers came forward with allegations of child prostitution against King, but at least one of them was convicted of perjury. The Nebraska state prosecutor is accused by some of doctoring evidence. A state congressional investigation was killed by the state republican party. Some accusations are made that the FBI helped to debunk the charges.
The more sensational parts of the story, i.e. Satanic rituals and cannibalism, seem to me to be a natural hysterical reaction to the paranoiac campaign by the republicans at the time to discredit child care in general. This is near the time when many innocent child care providers were sent to prison by jury's that were convinced that satan was in favor of daycare as the way to undermine family values. Remember, the McMartin fiasco.