MIAMI (CBSMiami) – A Miami boat captain who allegedly sank $1.86 million yacht off the Bahamas as part of an insurance fraud scheme has been arrested.

Robert Figueredo, 49, was arrested Tuesday and charged with first-degree grand theft, according to the state’s Department of Financial Services Division of Insurance Fraud.

“There is no such thing as a victimless crime,” said the state’s CFO Jeff Atwater said. “Those who reap the spoils of perpetuating fraud victimize every Florida consumer.”

The investigation began on May 4, 2009 when the 80-foot “Star One” yacht was reported stolen from Key Biscayne. The next day it was discovered scuttle in an area known as the “Tongue of the Ocean”.

Investigators became suspicious of Figueredo’s after his ex-girlfriend told police that he had bragged about sinking the yacht deliberately to her.

Figuerdo, however, reportedly told the insurance company he didn’t know anything about the theft.  After the “theft” the yacht’s owners put in a claim to the Federated Insurance Company.

If convicted on the charge, he could face up to 30 years in prison.