Anyone heard anymore on this?
WASHINGTON, Jan 19 (Reuters) - U.S. authorities accused 22 people, including an executive for Smith & Wesson Holding Corp (SWHC.O), with violating federal bribery laws involving the sale of various arms, the U.S. Justice Department said on Tuesday.
The indictments charged the individuals, including Smith & Wesson Vice President for Sales Amaro Goncalves, with violating the Foreign Corrupt Practices Act and conspiracy to commit money laundering involving the sale of items including guns and body armor.
Also charged was the chief executive of Protective Products of America Inc (PPA.TO), R. Patrick Caldwell, who previously worked for the U.S. Secret Service for 27 years and was the special agent in charge of the division for the vice president's protection.
That company filed for bankruptcy protection last week and sought approval to be acquired by an affiliate of the private investment firm Sun Capital Partners Inc.
The indictments, filed in December, were unsealed by a U.S. judge on Tuesday and follow undercover operations last year. The individuals were arrested on Monday in Las Vegas and Miami.
In the case involving Goncalves, an unidentified business associate who was a former executive for an arms manufacturer arranged a meeting between Goncalves and two undercover FBI agents who posed as representatives of an unnamed African country's minister of defense, the indictment stated.
The agents told Goncalves that in order to win a contract for the sale of guns he would have to add a 20 percent "commission" to price quotes, half of which would go to the purported minister of defense and the rest would be split between the others, according to the indictment.
Goncalves provided price quotes for two sales, a small one of 25 guns and a larger one with 1,800 pistols. He gave two price quotes for the transactions, including one that had its price inflated by 20 percent, the indictment said. (Reporting by Dan Margolies and Jeremy Pelofsky, editing by Gerald E. McCormick)
WASHINGTON, Jan 19 (Reuters) - U.S. authorities accused 22 people, including an executive for Smith & Wesson Holding Corp (SWHC.O), with violating federal bribery laws involving the sale of various arms, the U.S. Justice Department said on Tuesday.
The indictments charged the individuals, including Smith & Wesson Vice President for Sales Amaro Goncalves, with violating the Foreign Corrupt Practices Act and conspiracy to commit money laundering involving the sale of items including guns and body armor.
Also charged was the chief executive of Protective Products of America Inc (PPA.TO), R. Patrick Caldwell, who previously worked for the U.S. Secret Service for 27 years and was the special agent in charge of the division for the vice president's protection.
That company filed for bankruptcy protection last week and sought approval to be acquired by an affiliate of the private investment firm Sun Capital Partners Inc.
The indictments, filed in December, were unsealed by a U.S. judge on Tuesday and follow undercover operations last year. The individuals were arrested on Monday in Las Vegas and Miami.
In the case involving Goncalves, an unidentified business associate who was a former executive for an arms manufacturer arranged a meeting between Goncalves and two undercover FBI agents who posed as representatives of an unnamed African country's minister of defense, the indictment stated.
The agents told Goncalves that in order to win a contract for the sale of guns he would have to add a 20 percent "commission" to price quotes, half of which would go to the purported minister of defense and the rest would be split between the others, according to the indictment.
Goncalves provided price quotes for two sales, a small one of 25 guns and a larger one with 1,800 pistols. He gave two price quotes for the transactions, including one that had its price inflated by 20 percent, the indictment said. (Reporting by Dan Margolies and Jeremy Pelofsky, editing by Gerald E. McCormick)
