• Anchored In Fraud: Mike DeBernardis and Shayda Vance on Austal USA’s Scandal

  • Sep 23 2024
  • Length: 21 mins
  • Podcast

Anchored In Fraud: Mike DeBernardis and Shayda Vance on Austal USA’s Scandal

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  • Summary

  • Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation. In this podcast, host Tom Fox is joined by guests Mike DeBernardis and Shayda Vance to discuss the significant case involving Austal USA, a shipbuilding company facing charges of securities fraud and obstruction of a federal audit due to the misreporting of costs for U.S. Navy ships. The episode delves into the actions taken by the DOJ and SEC and underscores the complexities involved when senior executives are implicated in fraud and the challenges companies face in maintaining compliance and cooperation with government investigations. The conversation highlights the importance of having a robust compliance program and the critical role of the board of directors in overseeing investigations. The guests also explore the specific ramifications for government contractors and defense contractors and the significant impact of U.S. jurisdiction on foreign companies listed on American Deposit Registries. Through the lens of the Austal case, the discussion provides vital insights and lessons for compliance professionals, corporate executives, and board members. Key Highlights Details of the Fraud and Legal Actions Lessons Learned and Analysis Government Contractors and Compliance Programs Challenges in Replacing Senior Executives Significance of ‘Not Presently Responsible’ in Government Contracting Implications of Listing on the American Deposit Registry Resources: Hughes Hubbard & Reed website
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