Another billionaire yachtsman behind bars

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Looks like Bernie Madoff may have some company.

Earlier this week, Edward H. Okun, the owner of the 131-foot motoryacht named Simone, was sentenced to 100 years in prison for trying to defraud clients and obtain about $126 million in client funds held by his company.

Last November, Okun signed over ownership of the yacht to a court-appointed trustee to pay back clients. The trustee filed papers in U.S. bankruptcy court in December requesting permission to pay the crew's wages, which the filing states amounts to about $25,000 per month. The trustee explained that the eight-person crew must remain on board for the insurance coverage to continue, and therefore to prevent the megayacht's value from falling. The trustee had already reportedly paid a South Florida marina overdue dockage fees and past-due crew salaries. The yacht is for sale for about $11.5 million.

Click here for a report and photo in MegayachtNews.com.