I know I'm coming to this thread a bit late, but considering that the diver in question was my dad, I might be able to clear a few things up...
First off, I think the news stories probably established this already, but it's definitely not just a rumor. Having seen my dad's body today, I think I can say that with a reasonable degree of confidence.
The person who found him is a dive master but wasn't in charge of this particular trip. She'd been diving already, and yes, she was looking for a fin at the time, but it's not like she put on scuba gear just to look for a fin -- she probably hadn't even gotten out of the water yet, and just went back to look for the missing fin. And if it was anything like the last dive I went on with my dad, which was in the same area, and on which he lost a fin, there's no reason to think it would have been floating on the surface -- his fin was tangled in some kelp somewhere, and we never did find it, but even though it was positively buoyant and normally would have floated, it definitely wasn't floating at the surface, and looking for it would have required swimming around under water, not just looking around at the surface.
Also, assuming that he did have his camera with him at the time, the light she saw would have been his focus light, which is bright enough that he used it as his only light on a night dive this summer and it was as bright as any of our flashlights, so while I doubt that it could have been seen from the surface, I wouldn't be at all surprised if that was the first thing she saw. I don't know for sure whether he had his camera with him on that particular dive. He did have it with him on the boat that day, but he only took 19 pictures that day, and all of them were on the boat, and since I've known him to take his camera with him on a dive trip and decide not to take in the water, but I've never known him to have his camera in his hands and not take any pictures, I don't know that he had actually taken his camera down with him, and if he had, I have to wonder if something went wrong even earlier in the dive than we thought.
They've already done the autopsy the news stories mentioned, but it didn't really tell us anything. All they determined is that there wasn't any evidence of a cause of death unrelated to diving (e.g. heart attack or stroke), and there was water in his lungs, so it looks like it was most likely a diving accident rather than a medical incident that just happened to take place while he was diving. However, my dad was a cautious, responsible diver, and was using high quality equipment that he took good care of, so I can't think of anything that would have put him at particularly high risk for something like this.
Disclaimer: I wasn't there and haven't spoken directly to anyone who anyone who was, so I don't know for sure what happened, or what anyone did that day. Nothing I've said here is intended to be an official statement of any kind, and I am in no way speaking on behalf of my mother, who is his next of kin, or anyone else. Any inferences I make from the information I have at this time reflect only my understanding of what happened based on currently available information, and may be incorrect, and may change if new information becomes available, or as people more qualified to investigate the incident examine the available evidence. I am in no way qualified to make any sort of definitive statements about what happened, or to speak on behalf of my family on this matter, and should the situation arise I sincerely hope that nothing I've said in this post will be used in any legal context.