A federal judge in Mobile on Monday approved a plea agreement between federal prosecutors and Austal USA that requires the shipbuilder to pay a $24 million fine for criminal violations related to the valuation of ships.
) - A federal judge on Monday approved a plea agreement between federal prosecutors and Austal USA that requires the shipbuilder to pay a $24 million fine for criminal violations related to the valuation of ships.in August to securities fraud and obstruction of a federal audit. Advisory sentencing guidelines recommended a fine of $40 million, but the two sides agreed on $24 million.
Adam Overstreet, Austal’s vice president for legal affairs, acted as the company’s legal representative and stood in court to accept the sentence. He and two lawyers for the company declined to comment outside the courthouse.
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