{"id":84021,"date":"2024-08-28T19:24:12","date_gmt":"2024-08-28T19:24:12","guid":{"rendered":"https:\/\/one.sightlinemg.com\/airforcetimes\/uncategorized\/2024\/08\/28\/us-navy-shipbuilder-austal-usa-to-pay-24m-to-settle-fraud-probe\/"},"modified":"2026-08-08T01:09:53","modified_gmt":"2026-08-08T01:09:53","slug":"us-navy-shipbuilder-austal-usa-to-pay-24m-to-settle-fraud-probe","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/airforcetimes\/news\/your-air-force\/2024\/08\/28\/us-navy-shipbuilder-austal-usa-to-pay-24m-to-settle-fraud-probe\/","title":{"rendered":"US Navy shipbuilder Austal USA to pay $24M to settle fraud probe"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">MOBILE, Ala. \u2014 Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million fine to settle an accounting fraud investigation, the U.S. Department of Justice announced Tuesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From 2013 through July 2016, Austal USA conspired to mislead shareholders and investors about the company&#8217;s financial condition, the department said. The company pleaded guilty to one count of securities fraud and one count of obstruction of a federal audit.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/militarytimes\/news\/2023\/04\/01\/execs-at-austal-which-builds-lcss-for-us-navy-indicted-for-fraud\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/Austal.jpg_a20669.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">Execs at Austal, which builds LCSs for US Navy, indicted for fraud<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">Austal USA\u2019s president, one of the three indicted executives, resigned in 2021 following an investigation into practices dating back more than four years.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">Austal USA \u201cengaged in a years-long scheme to illegally inflate its profits on ships the company was building for the U.S. Navy, reporting false financial results to investors, lenders, and its auditors,\u201d Nicole M. Argentieri, principal deputy assistant attorney general and head of the Justice Department\u2019s Criminal Division, said in a statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Austal USA LLC is a subsidiary of Australia-based Austal Limited and builds littoral combat ships for the Navy that are designed to operate in shallow coastal waters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Justice Department said Austal artificially lowered cost estimates, despite rising shipbuilding costs, to meet its revenue budget and projections. That had the impact of falsely overstating Austal USA\u2019s profitability on the ships and Austal Limited\u2019s earnings reported in its public financial statements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Court documents show the company agreed to settle complaints by the Securities and Exchange Commission and the Justice Department. A sentencing hearing is scheduled for Nov. 25.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Justice Department said the appropriate criminal penalty would be $73 million, but that was reduced because of Austal USA\u2019s inability to pay. In addition to the $24 million criminal fine, the company is also on the hook for $24 million in restitution for shareholder losses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Austal USA has also agreed to retain an independent compliance monitor for three years and implement a compliance and ethics program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Three former Austal USA executives <a href=\"https:\/\/www.militarytimes.com\/industry\/2023\/04\/01\/execs-at-austal-which-builds-lcss-for-us-navy-indicted-for-fraud\/\" target=\"_blank\">were indicted last year<\/a> on accounting fraud charges. They are awaiting trial.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An email to a media representative for Austal Limited was not immediately returned Tuesday evening.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Justice Department said Austal USA conspired to mislead shareholders and investors about its financial condition.<\/p>\n","protected":false},"author":7,"featured_media":118809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":67,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[101,16,26,67],"tags":[],"coauthors":[3175],"class_list":["post-84021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-news","category-newsletters","category-your-air-force"],"acf":{"subheadline":"","legacy_arc_id":"I5MEO4CWKY4DOK2JMNAVE43QKV","arc_canonical_url":"\/global\/the-americas\/2024\/08\/28\/us-navy-shipbuilder-austal-usa-to-pay-24m-to-settle-fraud-probe\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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Justice Department said Austal USA conspired to mislead shareholders and investors about its financial condition.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/airforcetimes\/news\/your-air-force\/2024\/08\/28\/us-navy-shipbuilder-austal-usa-to-pay-24m-to-settle-fraud-probe\/\" \/>\n<meta property=\"og:site_name\" content=\"Air Force TImes\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-28T19:24:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-08T01:09:53+00:00\" \/>\n<meta name=\"author\" content=\"Kim Chandler, The Associated Press\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kim Chandler, The Associated Press\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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