Tragedy off America's oldest seaport claims 7 lives as fishing boat sinks in frigid waters

U.S. Coast Guard officials say they have launched a formal investigation into the sinking of a commercial fishing vessel off Gloucester, Massachusetts, that resulted in seven deaths. The Coast Guard on Saturday suspended its search for the seven people who were aboard the Lily Jean when the boat sank off the coast of the historic seaport in frigid waters. Authorities had launched a search and rescue mission early Friday after receiving an alert from the 72-foot vessel about 25 miles off the Cape Ann peninsula. The captain of the boat was a beloved local fisherman.