{"id":64609,"date":"2023-04-01T17:39:45","date_gmt":"2023-04-01T17:39:45","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2023\/04\/01\/execs-at-austal-which-builds-lcss-for-us-navy-indicted-for-fraud\/"},"modified":"2026-08-08T00:51:15","modified_gmt":"2026-08-08T00:51:15","slug":"execs-at-austal-which-builds-lcss-for-us-navy-indicted-for-fraud","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2023\/04\/01\/execs-at-austal-which-builds-lcss-for-us-navy-indicted-for-fraud\/","title":{"rendered":"Execs at Austal, which builds LCSs for US Navy, indicted for fraud"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">MONTGOMERY, Ala. \u2014 Three current and former former executives of a shipbuilder that constructs vessels for the U.S. Navy and <a href=\"https:\/\/www.defensenews.com\/naval\/2022\/06\/30\/coast-guard-selects-austal-to-build-offshore-patrol-cutters-over-incumbent-eastern-shipbuilding\/\" target=\"_blank\">Coast Guard<\/a> have been indicted on accounting fraud charges accusing them of falsely inflating the company\u2019s reported earnings, federal prosecutors said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Craig Perciavalle, 52, Joseph Runkel, 54, and William Adams, 63, all of Mobile, Alabama, where <a href=\"https:\/\/www.defensenews.com\/industry\/2022\/04\/08\/austal-focuses-on-ship-repair-supplying-components-while-it-awaits-construction-contracts\/\" target=\"_blank\">Austal USA LLC<\/a> is based, are accused of misleading shareholders and investors. They are each charged with one count of conspiracy to commit wire fraud and wire fraud affecting a financial institution, five counts of wire fraud, and two counts of wire fraud affecting a financial institution, the U.S. Department of Justice said in a news release Friday.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/naval\/2021\/02\/23\/lcs-shipbuilder-fires-president-amid-a-us-and-australian-financial-investigations\/\" 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=\"225\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/jackson.jpg.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\">LCS shipbuilder president resigns amid US and Australian financial investigations<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">The head of Austal USA resigned Monday amid U.S. and Australian investigations into a 2016 loss posted by the company.<\/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\">Court records were not immediately available to show if the men had attorneys to comment on their behalf.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Austal USA LLC is a subsidiary of Australia-based Austal Limited and builds <a href=\"https:\/\/www.navytimes.com\/news\/your-navy\/2022\/05\/10\/the-littoral-combat-ships-latest-problem-class-wide-structural-defects-leading-to-hull-cracks\/\" target=\"_blank\">littoral combat ships<\/a> for the Navy. The ships are designed to operate in shallow coastal waters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perciavalle resigned as Austal USA\u2019s president in 2021 following an investigation by federal and Australian authorities into practices dating back more than four years, the company said at the time. Adams is the former director of the littoral combat ships program, according to the SEC. Runkel is the director of financial analysis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prosecutors alleged the three men manipulated an accounting metric to hide growing costs in order to maintain and increase the share price of Austal Limited\u2019s stock, hurting U.S. investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The U.S. Securities and Exchange Commission said <a href=\"https:\/\/www.justice.gov\/opa\/pr\/three-men-indicted-multimillion-dollar-accounting-fraud-scheme-us-navy-shipbuilder\" target=\"_blank\">in a news release<\/a> that the three \u201cengaged in a scheme to artificially reduce the cost estimates to complete certain shipbuilding projects for the U.S. Navy by tens of millions of dollars.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Austal USA\u2019s president, one of the three indicted executives, resigned in 2021 following an investigation into practices dating back more than four 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