US Navy shipbuilder agrees to pay $24 million to settle accounting fraud probe

Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million fine to settle an…

, has admitted wrongdoing and agreed to pay a $24 million fine to settle an accounting fraud investigation, the U.S. Department of Justice announced Tuesday.

Austal USA “engaged in a years-long scheme to illegally inflate its profits on ships the company was building for the U.S. Navy, reporting false financial results to investors, lenders, and its auditors,” Nicole M. Argentieri, principal deputy assistant attorney general and head of the Justice Department’s Criminal Division, said in a statement.

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