The British entrepreneur was found not guilty of fraud charges in the sale of his company to Hewlett-Packard. He was celebrating his acquittal when his yacht sank off the coast of Sicily.

Mike Lynch, a British software mogul who was once celebrated as a top technology leader — only to spend more than a decade defending himself against accusations that he orchestrated one of the biggest frauds in Silicon Valley history — died on Monday after his yacht sank off the coast of Sicily. He was 59.

An official in the Italian city of Palermo confirmed on Thursday that Mr. Lynch’s body had been recovered by divers.

Twelve guests and 10 crew members were onboard the yacht, the Bayesian, when it went down during a violent storm. Mr. Lynch’s wife, Angela Bacares, was rescued, along with nine crew members and five other passengers. Seven bodies have been recovered, including one thought to be

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