SEC charges three Austal USA execs with accounting fraud
By 
Aaron Nicodemus2023-04-03T19:21:00
Three executives at the U.S. subsidiary of an Australian defense contractor were charged with accounting fraud for allegedly participating in a three-year scheme to lower cost estimates and prematurely book revenue.
Craig Perciavalle, former Austal USA president; William Adams, former combat ships director; and Joseph Runkel, current director of financial analysis, were charged with violating the antifraud provisions of the Securities Exchange Act, the Securities and Exchange Commission (SEC) announced Friday. The agency said it will seek disgorgement plus prejudgment interest, civil penalties, and officer-and-director bars in its ongoing litigation.
Austal USA is an Alabama-based subsidiary of Austal Limited and has contracts to build vessels for the U.S. Navy.
Related articles
-
News BriefAustal reaches $49M deal with DOJ, SEC over accounting, securities fraud, false claims
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.
-
News BriefMohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
-
News BriefCantaloupe fined $1.5M in SEC accounting fraud case
Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.
More from Regulatory Enforcement
-
ArticleSeven years in, GDPR faces growing challenges from AI and ‘consent or pay’ models
Europe’s pioneering data protection legislation turned seven years old in May, but the compliance and enforcement difficulties that have dogged the rules since they came into force look set to present both companies and data regulators with fresh headaches for some time to come.
-
News BriefDOJ charges crypto executive with laundering $530M for sanctioned Russian banks
The Department of Justice has charged the founder of cryptocurrency company Evita with 22 violations for allegedly laundering more than $500 million through U.S. banks and cryptocurrency exchanges, on behalf of sanctioned Russian entities.
-
News BriefSEC Chair Atkins signals end to ‘regulation by enforcement’ in line with Trump’s pro-crypto agenda
The Securities and Exchange Commission Chair Paul Atkins explained his agency’s shift on cryptocurrency regulation to a Senate committee as legislators bargain over President Donald Trump’s “One Big Beautiful Bill” and the GENIUS Act, which would have the federal government invest heavily in cryptocurrency.