On May 22, 1997, about 1530 eastern daylight time, a Convair CV240, N355T, registered to TOL-AIR Services Inc., operating as a 14 CFR Part 91 positioning flight, made a forced landing to the Atlantic Ocean next to a beach in the vicinity of San Juan, Puerto Rico. Visual meteorological conditions prevailed and no flight plan was filed. The airplane sustained substantial damage. The airline transport pilot-in-command (PIC), airline transport-rated first officer (FO), and a pilot-rated passenger on the jump seat reported no injuries. The flight originated from St. Thomas, U.S. Virgin Islands, about 20 minutes before the accident. The PIC stated they were in cruise flight at 3,000 feet with the FO flying the airplane when the left engine temperature indicated 100 degrees and the oil pressure started to fluctuate. The left engine was shut down as a precautionary measure and they informed ATC. As they were passing Fajardo, Puerto Rico, the right engine started banging, quit producing power, and the airplane started losing altitude. The PIC took over the flight controls and restarted the left engine. The airplane was at 500 feet and still descending. A Mayday call was made, and a forced landing was made to a beach coming to a complete stop in 5 feet of water. Disassembly of left engine revealed a failure of the front master rod bearing. Disassembly of the right engine revealed a failure of the master rod resulting in a catastrophic failure of the power section. For additional information see the FAA Inspector's statement.