On November 19, 1993, about 0748 eastern standard time, N8260Q, a Cessna U206F, operated by Red Baron Aviation, as a 14 CFR Part 135 on demand, domestic, cargo flight, crashed in Tampa Bay, after takeoff from Tampa International Airport, Tampa, Florida. Visual meteorological conditions prevailed at the time and an IFR flight plan was filed and activated. The airplane was substantially damaged and the pilot and an observer reported no injuries. The flight was originating at the time of the accident. The pilot stated that after departure the airplane did not appear to climb normally and the engine then began to lose power. He then executed a forced landing to Tampa Bay and the airplane flipped and sank. Examination of the engine by FAA personnel revealed that the No. 3 connecting rod had become loose and the connecting rod bolts were found failed. Examination of the failed bolts was accomplished by the NTSB metallurgical laboratory. The bolts were badly smeared and no determination of the failure sequence was possible. The director of maintenance at Red Baron stated that when he accomplished the recent engine overhaul in July 1993, he reused the connecting rod bolts without inspection by magnaflux as required by the manufacturer's overhaul manual.