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Captain charged with fraud in yacht sinking

A Miami boat captain was arrested on a first-degree grand theft charge for allegedly sinking a $1.86 million yacht in 2009 off the Bahamas.

The Florida Department of Financial Services Division of Insurance Fraud initiated an investigation into the sinking of the 80-foot yacht Star One, reported stolen from Key Biscayne on May 4, 2009, one day after it was discovered scuttled in an area known as the “Tongue of the Ocean” offshore from the Bahamas.

Investigators initially became suspicious of the captain’s involvement from a statement from his ex-girlfriend, who told police that he had bragged to her that he had sunk the boat deliberately.

Click here for the full report by The Insurance Journal.