Mike Lynch, aged 59, below, was acquitted in June by a jury in San Francisco of fraud charges linked to the sale of his software company, Autonomy, to Hewlett-Packard for $11 billion in 2011, reports PA.
The sale cemented Lynch's reputation as Britain's answer to Bill Gates, but it quickly turned sour after Hewlett-Packard wrote down Autonomy's value by $8.8 billion.
Lynch said he was "elated" to be cleared in the criminal trial, during which he took the stand in his own defence, denying to jurors any wrongdoing and blaming HP for botching the integration of the two companies.
The yacht is believed to have been flooded by water after a tornado off the coast of Porticello, near Palermo, just before 5am local time on Monday morning.
Helicopters, divers, patrol boats and firefighters are all helping with the desperate search of the wreckage.
A man's body was tragically found underwater alongside the shipwreck by divers, reports Corriere Della Sera.
A one-year-old British girl was heroically rescued by her mother in the sea before being rushed to hospital by emergency crews in a lifeboat.
Mike Lynch's wife was among 15 people rescued, according to a source.
