Captain Charged with Sinking Yacht for Insurance Money

Byline: Associated Press

MIAMI (AP) — A South Florida boat captain is facing grand theft charges for allegedly sinking an 80-foot yacht so he could collect the insurance money.

State Chief Financial Officer Jeff Atwater said May 10 that 49-year-old Robert Figueredo was arrested in the sinking of the yacht Star One off the Bahamas in 2009. The yacht was worth about $1.8 million.

Figueredo told authorities back in 2009 he had no idea who had taken the yacht from its Key Biscayne mooring. But Atwater said an ex-girlfriend told investigators Figueredo bragged about deliberately sinking the boat. The claim for loss went to Federated Insurance Co.

Figueredo faces a maximum 30-year prison sentence if convicted.

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