Gun maker Smith & Wesson paying $2M to settle SEC charges of foreign bribery
Smith & Wesson has agreed to pay $2 million to settle civil charges of bribing government officials in Pakistan, Indonesia and other countries to win military and police business.
The Securities and Exchange Commission announced the settlement Monday with the firearms maker, which fired its entire international sales staff after the alleged violations came to light. Smith & Wesson Holding Corp., based in Springfield, Mass., neither admitted nor denied wrongdoing.
As the company pushed to break into new foreign markets from 2007 to 2010, its international sales staff made a concerted effort to get new business by offering or making illegal payments to government officials, the SEC said.
Smith & Wesson President and CEO James Debney said in a statement the company is pleased to have resolved the matter.