RedactedNarrative: On June 13, 2015 V-1 was approximately 2 miles offshore of Panama City Beach, FL.  The captain, deckhand and 4 passenger crew were anchored and reef fishing.  V-1 took several waves over the bow.  The bilge filled with water and V-1 was sitting low in the water. The captain gave the order to pull the anchor and they headed back to shore.  A couple waves crashed over the stern and V-1 started to sink.  There was some confusion on where the PFD's were.  A passenger located the PFDs down in the cabin.  the boat eventually capsized.  All six people entered the water.  Within a few minutes the charter boat "Maggie" arrived on scene, followed by Sea Tow and the USCG.  USCG pulled all 6 people out of the water.  Some had minor cuts and scrapes from holding on to the bottom of V-1.   
  
  Tow Boat U.S. towed in V-1 and flipped and floated it once they were back in St. Andrews Bay.  I charged the captain with careless operation and improper storage of PFD's. I also issued him a written warning for failure to report a boating accident.  USCG issued the captain a letter of warning on his Captain's License.