The Department of Justice and the Securities and Exchange Commission (SEC) have charged three current or ex-Austal USA executives with accounting fraud in the construction of Independence-class Littoral Combat Ships (LCS).
A grand jury issued indictments against Craig Perciavalle, who was the shipbuilder’s president until he resigned in 2021 amid investigations by multiple agencies; Joseph Runkel, the company’s director of financial analysis; and William Adams, the former LCS program director. Craig Perciavalle, who became the GM/VP of Fincantieri Bay Shipbuilding in Nov. 2021, has now been suspended by Fincantieri. Runkel was fired from Austal USA after the indictment was announced. Adams left Austal USA in 2021.