A 48-year-old man identified by police as Paul Moschitta was on shore when he saw a swimmer struggling against a strong current.
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Authorities said Moschitta jumped in to help the distressed swimmer but ended up going under water himself.
A city firefighter pulled one swimmer from the water, but Moschitta could not be found.
The Dutchess County Sheriff's Office says it was notified around noon Tuesday of a possible body floating in the Hudson River in the vicinity of the Mid-Hudson Bridge in Poughkeepsie.
The body was located by police and turned over to the Dutchess County Medical Examiner's Office for further investigation.
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Police conducted searches for six days but found no sign of Moschitta.
(The Associated Press contributed to this report.)
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