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UPDATE: ABC News Knows Their Flags

UPDATE (1:40 p.m.): Upon further review, there are in fact multiple Cayman Island flags, and it appears that the original report by ABC News' Brian Ross correctly identified the flag flying on the boat in question. The Washington Free Beacon regrets the error.

The original story is below:

ABC News reported Wednesday that a group of Romney donors gathered on a yacht flying the Cayman flag.

One problem: The flag is not the flag of the Cayman Islands. It is the flag of Bermuda.

Among the three reporters bylined on the story is Brian Ross, who suggested on live television that the James Holmes who murdered a dozen moviegoers in July could be a Tea Party member named Jim Holmes. Ross later apologized.

UPDATE (1:31 p.m.): According to Charter World, the yacht is officially registered in the Caymans; its home port is in Fort Lauderdale. ABC reports the flag the yacht is flying is the Cayman flag; the flag is the Bermudan flag, however. It is unclear why the yacht is flying a Bermudan flag.