New York, New York - A man has been arrested after a speedboat passing by the Statue of Liberty in New York flipped over over the weekend killing a woman and a baby, police said.

The vessel capsized late Saturday, killing a 27-year-old mother and 5-month-old baby, said police, who confirmed that 12 people were rescued from the water near Liberty Island.

Manuel Hernandez (46) was arrested on 13 counts of reckless endangerment, officers confirmed later.

"The defendant was arrested over the weekend and is now in federal custody. Further information will be provided shortly," federal prosecutors told AFP Monday.

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An Italian restaurant in Manhattan, Il Punto, said the woman, Sara Sanchez, was the wife of one of its employees, and that their baby, Antonella Garcia, was the second fatality.

The business said it had launched an online fundraiser for Sanchez's husband, Andres Garcia.

"While trying to process the unimaginable loss of Sara and baby Antonella, Andres must now find the strength to move forward and be there for their six-year-old son, Salvador, who has also suffered a heartbreaking loss," said the fundraiser page.

The coastguard did not return a request for comment.