The U.S.-based subsidiary of Australian defense contractor Austal will pay $48.8 million in fines and restitution to settle allegations that it committed accounting and securities fraud, misled federal auditors, and violated the False Claims Act.
The DOJ ordered Alabama-based Austal USA, which builds vessels for the U.S. Navy and Coast Guard, to pay a $24 million fine and $24 million in restitution, the agency said in a press release Tuesday. The company also agreed to a $24 million settlement with the Securities and Exchange Commission (SEC) to resolve allegations that its conduct also violated antifraud provisions of the Securities Exchange Act.
