This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

US Navy Celebrates 238 Years This Month in Rough Seas

NEW YORK ( TheStreet) -- Unfortunately for the U.S. Navy, an organization celebrating over 200 years of service this month, a small percentage of the over 400,000 active and reserve duty personnel abandoned honor, tradition, and country for personal gain.

Case in point: In September, the United States Attorney for the Southern District of California announced charges against two Navy personnel with conspiracy to commit bribery in one of the largest alleged fraud cases in years.

Named were Michael Vannak Khem Misiewicz, a commander assigned to U.S. Northern Command at Peterson Air Force Base, Colorado Springs, Col., and John Bertrand Beliveau II, a supervisory special agent for the Naval Criminal Investigation Service, or NCIS.

Also named was Glenn Francis, a Malaysian national and CEO of Glenn Defense Marine Asia Ltd., a multi-national corporation headquartered in Singapore. Glenn Defense provides port services for the U.S. Navy in locations that include Japan, Singapore, Thailand, Malaysia, South Korea, India, Hong Kong, Indonesia, Australia, Philippines and the United States.

The amount of money is staggering. According to the complaint, Glenn Defense has received Navy contract awards reaching several hundred million dollars. Misiewicz and Beliveau allegedly received prostitution services, travel and first-class hotel stays from Francis in separate bribery conspiracies. As a high-level operations officer, Misiewicz was able to influence and modify the schedule of Navy vessel port visits.

Misiewicz allegedly leaked confidential Seventh Fleet ship movements to Francis months in advance and worked on behalf of Glenn Defense to increase revenue for port services from the Navy. Beliveau allegedly didn't behave any better.

The complaint alleges Beliveau provided Francis with confidential reports about NCIS fraud investigation against Glenn Defense, and advised Francis how he should respond to NCIS inquiries.

If found to be true, what's alleged in the complaint blemishes the Navy's long and distinguished history. As a former sailor, I know the Navy is almost exclusively made up of men and women who sacrifice daily to ensure our nation is prepared to meet the challenges we face.

As a rule, career commissioned and non-commissioned officers diligently avoid even the appearance of misconduct. Coveted top command placements are so competitive that the slightest misstep or oversight can stop future advancements dead in their tracks.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,073.84 +42.70 0.25%
S&P 500 1,985.49 +1.36 0.07%
NASDAQ 4,509.8920 -9.01 -0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs