V1 was cruising northwest bound on the Indian River in 2-4 foot seas.  Waves began breaking over the bow filling the forward compartment with water.  V1's bilge pump was not working as the hull began to fill with water.  Evasive action taken by V1's operator to turn back to their original location when a large wave swamped V1, filling the crew compartment.  All occupants donned PFDs and entered the water.  A short time later shifting water in V1's hull causes V1 to capsize in rough seas.
TITUSVILLE