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INSANE: Austal usa to pay million fine for fraud | Vintage Vibes

Austal USA Austal Navy Justice Department US Navy
The Littoral Combat Ship Coronado sits alongside the Austal USA facilities on the Mobile River in Mobile, Ala., following christening ceremonies for the ship, Jan. 14, 2012. (G.M. Andrews/Press

Austal USA, a shipbuilder based in Alabama that constructs vessels for the U.S. Navy, has admitted to wrongdoing and agreed to pay a $24 million fine to resolve an accounting fraud investigation, as announced by the U.S. Department of Justice.

According to the Department of Justice, from 2013 to July 2016, Austal USA participated in a conspiracy to deceive shareholders and investors regarding the company's financial status. The company pleaded guilty to one count of securities fraud and one count of obstructing a federal audit.

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