UPDATE: It seems that there is some truth to the rumors about a great white shark being killed during the Star Island Yacht Club Shark Tournament. However, claims of the arrest, boat seizure, and fines against the angler seem to be unfounded, according to a report from The East Hampton Press. Additionally, more forum members at Noreast.com have since posted refuting the claims that any action was taken against the anglers involved in the catching of the great white shark.
According to threads on The Hull Truth Boating Forum and Noreast.com a fisherman at the Star Island Yacht Club Shark Tournament in Montauk, NY illegally landed and brought a great white shark into the docks. The great white shark has been a protected species in U.S. waters since 1997.
According to a forum member at Noreast.com, who participated in the tournament, a fisherman not caught a white shark, announced over his radio that he caught it, and then brought it in to the docks. The forum member went on to say that the man who caught the great white shark, was arrested, his boat was seized, and he was fined $25,000, in addition to being charged with child endangerment for bringing the white shark on the boat with a 6-year-old child on-board.
It should be noted that all of this information comes from user-submitted discussion forums. I have been unable to find any news outlets reporting this story at the time of this writing. Hamptons.com has an article on the shark tournament, but there is no mention of a great white shark being brought to the docks, nor any mention of charges brought against any tournament participants.