Smith & Wesson settles SEC charges over payments for firearm sales

July 28 Mon Jul 28, 2014 11:29am EDT

July 28 (Reuters) - Smith & Wesson Holding Corp agreed to pay more than $2 million to settle U.S. Securities and Exchange Commission charges that employees and representatives made improper payments to foreign officials when trying to win contracts to supply firearms to military and law enforcement overseas.

The SEC on Monday said the settlement calls for Smith & Wesson to pay a $1.91 million penalty, give up $107,852 of illegal profit, and pay $21,040 in interest. It said the firearms manufacturer did not admit or deny its findings in agreeing to settle. (Reporting by Jonathan Stempel in New York)