Shipbuilder Austal executives accused of inflating earnings

Three current and former former executives of a shipbuilder that constructs vessels for the U.S. Navy have been indicted on accounting fraud charges. Federal prosecutors accuse the Austal USA LLC executives of falsely inflating the company’s reported earnings. Craig Perciavalle, Joseph Runkel, and William Adams are each charged with one count of conspiracy to commit wire fraud and wire fraud affecting a financial institution, five counts of wire fraud, and two counts of wire fraud affecting a financial institution. Austal USA LLC is a subsidiary of Australia-based Austal Limited and builds littoral combat ships for the Navy. The ships are designed to operate in shallow coastal waters.