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Three Former Austal USA Employees, Including President, Indicted For Accounting Fraud On LCS Program

Cal Biesecker By
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Three Former Austal USA Employees, Including President, Indicted For Accounting Fraud On LCS Program
The USS Mobile (LCS-26) rolled out of its assembly bay and was launched in early 2020 at shipyard Austal USA in Mobile, Ala.. (Photo: Austal USA)

The Justice Department last Friday said a federal grand jury has indicted three former Austal USA employees, including one time President Craig Perciavalle, for an accounting fraud scheme that misled the Australian-based company’s shareholders related to work on the U.S. Navy’s Littoral Combat Ship (LCS) program. In addition to Perciavalle, the other defendants are Joseph Runkel and William Adams. The DoJ alleges that the three individuals conspired to mislead shareholders about Austal Limited’s financial condition by “artificially” reducing estimated completion…

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