Boat Captain Accused of Sinking $1.8 Million Yacht

May 11, 2012 Updated May 11, 2012 at 2:40 PM EDT

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Boat Captain Accused of Sinking $1.8 Million Yacht

May 11, 2012 Updated May 11, 2012 at 2:40 PM EDT

According to the Florida Department of Financial Services, a 49-year-old Miami boat captain was arrested and charged this week with first-degree grand theft for allegedly sinking a $1.8 million yacht off the Bahamas in 2009.

The man faces up to 30 years in prison if convicted.

Read the news release from the Florida Department of Financial Services HERE.