Published: Nov 12, 2013 10:39 AM EST
Updated: Nov 12, 2013 10:48 AM EST

CHARLOTTE COUNTY, Fla. - Jerry Fallon says he was out for a relaxing day on the water when all of a sudden he saw a plane fly very low overhead. The plane splashed down about a mile away from Fallon. When the boat made it to the downed aircraft 71-year-old William Krasnow was sitting in the open cockpit waiting for rescue. Fallon pulled Krasnow aboard and found the pilot only had minor injuries. According to Krasnow, the experimental aircraft lost power for unknown reasons moments before it went down. SeaTow was called and towed the aircraft in to Ponce de Leon park. Krasnow refused to be transported to the hospital. The FAA is investigating.