Two people were hospitalized after witnesses said their boat lifted into the air, spun and then sank out in Biscayne Bay on Friday.
The incident happened near Matheson Hammock Marina. Aerial footage showed the boat sinking, almost fully submerged.
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Authorities said they received a call about a boat sinking and two people in the water.
One of the victims' brothers took his own boat out to the water and took the two back to shore. They were then transported to Jackson South Medical Center with injuries.
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One of the men, who was critically injured, is 54 years old and was breathing with the help of a ventilator, a relative said.
The incident happened during a regularly scheduled meetup of high-performance boaters who go out into the bay, the brother told NBC6. The boat involved was a type of speedboat called a Skater Powerboat.
"You just gotta be careful and wear your vest, and be careful, because anything can happen out there," said witness Josue Rodriguez.
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The Miami-Dade Police and the Florida Fish and Wildlife Conservation Commission are taking over the investigation.
