There should be a support group for Serial Yacht Sinkers

Federal Conviction Upheld of Calif. Man with History of Sunken Yachts Federal Conviction Upheld of Calif. Man with History of Sunken Yachts September 1, 2004 A federal appeals court Aug. 30 upheld the conviction of a lawyer who tried to sink his $1.9-million yacht and then sought nearly double the price in insurance payments. The court upheld the conviction of Rex DeGeorge for conspiracy, mail and wire fraud and perjury. However, the three-member panel threw out an enhancement of obstruction of justice, which may reduce the 90-month sentence DeGeorge currently is serving. DeGeorge was convicted in March 2002 in Los Angeles for attempting to sink the 76-foot custom-built Principe di Pictor. He previously had received insurance payments after claiming two other boats sank and one was stolen.

UPDATE:More details are available at D&E.org.  I love this part...

After several hours at sea, the captain [who happened to look like Robert Redford and claimed to be a Russian sub skipper] and his crewmen overpowered the others and forced them into the cabin of the yacht. The captain and crew then set about cutting holes in the yacht so that it would sink. Sometime near dawn, a black speed boat pulled up next to the yacht. Libovich (the Russian sub skipper) and his men unloaded their six bags onto the boat, jumped aboard, and sped off.

This stuff happens to me all the time except the captain looks like Harrison Ford and is a retired Captain of the USS Enterprise.  Oh, I forgot, they instead use a white speedboat to escape.