Updated 1/2/12 – 2:32 p.m.

CHICAGO (CBS) — A 58-year-old man has been charged with stabbing two people in a domestic dispute on New Year’s Eve.

Armando Vega, of the 4200 block of North Kilpatrick Avenue, has been charged with two counts of felony aggravated battery with a deadly weapon, police said. He was ordered held on $500,000 bond Monday afternoon.

Vega allegedly stabbed two men shortly after 9 p.m. Saturday during a domestic dispute in the 4200 block of North Kilpatrick Avenue, police said.

A 61-year-old man and a 36-year-old man both suffered serious injuries from the stabbing and were taken to Advocate Illinois Masonic Medical Center for treatment, officials said.

Vega suffered minor cuts and was taken to Swedish Covenant Hospital.