UPDATE 9/24, 3:00 p.m. ET: Kevin O'Leary's wife, Linda O’Leary, has been charged with careless operation of a vessel for her role in the death of two people after a boating accident in August, CTV News reports. She will appear in a Parry Sound, Ontario court on Oct. 29.

The driver of the other boat involved in the crash has been charged with failing to exhibit navigation lights while underway.

See original story below. 

Kevin O'Leary was involved in a boat crash that left two people dead. The Shark Tank star's boat rammed into a larger boat on Saturday on Lake Joseph in Ontario, where O'Leary owns a home. 

The small boat went across the bow of the larger craft, killing a 64-year-old Florida man at the scene, and a 48-year-old woman who passed away at the hospital. Three other passengers were treated at the hospital and released. O'Leary maintains that the bigger boat failed to turn on their navigation lights, making them invisible in the dark. He admitted that he fled the scene.

"Late Saturday night I was a passenger in a boat that had a tragic collision with another craft that had no navigation lights on and then fled the scene of the accident. I am fully cooperating with authorities," he told TMZ. "Out of respect for the families who have lost loved ones and to fully support the ongoing investigation, I feel it is inappropriate to make further comments at this time. My thoughts are with all the families affected."

Passengers on the other boat contend that they had their lights on. O'Leary says a video of the incident will prove his side. Police have towed O'Leary's boat and taken it in for forensic testing in the hopes of getting a clearer picture of the accident.

The Canadian businessman made his fortune in the shovelware company SoftKey, producing cheap games for home computers in the '80s and '90s. He stars on both Canada and the United States' version of the venture-capital reality show. O'Leary revealed he was  "devastated"  by the accident.