United States SEC Fines Navy Shipbuilder Austal $24 Million for Fraud in Revenue Recognition & Artificially Reducing Cost Estimates to Meet Financial Projections, 3 Executives Including ex-President of Austal USA Craig D. Perciavalle Charged with Accounting Fraud in 2023 March
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more
2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only.
You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
United States SEC Fines Navy Shipbuilder Austal $24 Million for Fraud in Revenue Recognition & Artificially Reducing Cost Estimates to Meet Financial Projections, 3 Executives Including ex-President of Austal USA Craig D. Perciavalle Charged with Accounting Fraud in 2023 March
29th August 2024 | Hong Kong
The United States Securities & Exchange Commission (SEC) has fined navy shipbuilder Austal$24 million for fraud in revenue recognition & artificially reducing cost estimates to meet financial projections.3 executives including the ex-President of Austal USA Craig D. Perciavalle had been charged with accounting fraud in 2023 March. United States SEC (27/8/24): “The Securities and Exchange Commission today announced that Austal USA, LLC, a Mobile, Alabama-based shipbuilder, and its Australia-based parent company, Austal Limited, have agreed to settle the SEC’s charges that the companies conducted a fraudulent revenue recognition scheme. As part of the settlement with the SEC, Austal USA will pay a $24 million civil penalty.According to the SEC’s complaint, from at least January 2013 through July 2016, the Austal companies engaged in a scheme to artificially reduce by tens of millions of dollars the estimated cost to complete certain shipbuilding projects for the U.S. Navy. The complaint alleges that Austal USA knew that its shipbuilding costs were rising and higher than planned, but arbitrarily lowered the cost estimates to meet Austal USA’s revenue budget and projections. The complaint further alleges that based on this fraudulent manipulation of the cost estimates, Austal Limited prematurely recognized revenue and, as a result, met or exceeded analyst consensus estimates for earnings before interest and tax, known as EBIT, a key financial metric for the company.The complaint alleges that Austal Limited and Austal USA acted knowingly or with severe recklessness in connection with the scheme that was allegedly carried out by Austal USA’s former president, Craig D. Perciavalle, former director of financial analysis, Joseph A. Runkel, and former director of the Littoral Combat Ships program, William O. Adams, all of whom the SEC charged with accounting fraud in March 2023. That litigation is ongoing.The SEC’s complaint, filed in the U.S. District Court for the Southern District of Alabama, charges Austal Limited and Austal USA with violations of the antifraud provisions of the Securities Exchange Act of 1934. Austal Limited and Austal USA each consented to permanent injunctions, and Austal USA agreed to pay the aforementioned penalty. The settlements are subject to court approval. The SEC plans to seek the creation of a Fair Fund for distribution of the penalty to harmed investors.In a parallel matter, the U.S. Department of Justice, Fraud Section, announced settled charges against Austal USA.The SEC’s investigation was conducted by Kimberly Steckling, Kenneth Stalzer, and Donna Walker and supervised by Ian Karpel, Nicholas Heinke, and Mr. Burt of the Denver Regional Office. The ongoing litigation against the individuals is being led by Sharan Lieberman and Christopher Martin and supervised by Gregory Kasper, Mr. Heinke, and Mr. Burt.”
“ United States SEC Fines Navy Shipbuilder Austal $24 Million for Fraud in Revenue Recognition & Artificially Reducing Cost Estimates to Meet Financial Projections, 3 Executives Including ex-President of Austal USA Craig D. Perciavalle Charged with Accounting Fraud in 2023 March “
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
The 2024 Family Office Summit17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
United States SEC Fines Navy Shipbuilder Austal $24 Million for Fraud in Revenue Recognition & Artificially Reducing Cost Estimates to Meet Financial Projections, 3 Executives Including ex-President of Austal USA Craig D. Perciavalle Charged with Accounting Fraud in 2023 March
United States
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
Managing $20 million to $30 billion assets The leading financial platform covering capital market, investments, private wealth & family office in Asia. For top investment professionals, advisors, investors, business leaders. Join 11,000+ top investment professionals, institutional investors, professional investors & advisors. Our users typically manage $20 million to $30 billion of assets, invest $3 million to $300 million, or advise institutions, billionaires, UHNWs & HNWs.
Caproasia.com | Newsletter Daily 2 pm | Caproasia Access | The Financial Centre | Family Office Circle | Family Office Summit | Investment Day | Investment, Risk & Wealth Intelligence | Latest News | Reports | Insights | Subscription | Membership & more
” Intelligence at your fingertips. Find useful info & services. Time lost is never found. Take advantage of big investment opportunities. Avoid fraud, fines, & jail. Manage your risks. “
2024 Upcoming Events
> The 2024 Family Office Summit Hong Kong (St Regis) – 17th Oct
> The 2024 Family Office Summit Singapore (Amara Sanctuary Resort) – 7th Nov
> The 2024 Investment Day Hong Kong – 17th Oct
> The 2024 Investment Day Singapore – 7th Nov
Join The 2024 Family Office Summit in Hong Kong on 17th Oct at St Regis or Singapore 7th Nov at Amara Sanctuary Resort (9 to 345 pm).Join 5 billionaire family offices, and 60% of family offices with more than $300 million AUM. Limited complimentary passes available for SFOs & pure MFOs. Links:2024 Family Office Summit | Register here
2024/2025 Summits Hong Kong & Singapore
> The Investment / Alternatives Summit – March / Oct
> The Institutional Investor Summit & Roundtable – March / Oct
> The Family Office Summit – April / Oct / Nov
> The Private Wealth Summit – March / Oct
2024 June / July Report Release:
> Asset Management Report 2024
> Family Office Report 2024
> UHNW Wealth Report 2024
> Top 50 Southeast Asia Companies Report 2024
> China & Hong Kong IPO Report 2024
> Hong Kong SFC Financial Industry Report 2024
> Private Capital / Equity Fund Managers IRR & Bonuses Report 2024
> Sports Report 2024
