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Is this going to be the end for S&W

Discussion in 'Smith & Wesson Club' started by big68, Jan 22, 2010.


  1. big68

    big68
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    #1 big68, Jan 22, 2010
    Last edited: Jan 22, 2010
  2. 82ndVet

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    Link goes to reuters, but says 'page not found'.
     

  3. Dalton Wayne

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    Give us the short version of what's going on. :cool:
    Regards
    DW
     
  4. JimBianchi

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    I searched Reuters and came up with this.

    I is about the S&W folks bribing officials of foreign countries to get contracts. The bust happened Monday at the SHOT show.



    US request to detain arms sting

    Judge finds defendant no flight risk
    Defendant allegedly discussed bribes to several nations

    By Dan Margolies
    WASHINGTON, Jan 22 (Reuters) - A U.S. judge refused to revoke the bail of one of 22 defendants arrested this week on bribery charges after they were caught in a sting in which undercover agents posed as arms-buying agents of an African defense minister.
    U.S. District Judge Richard Leon disagreed on Friday with government prosecutors who said Saul Mishkin, a Peruvian citizen, posed a substantial flight risk.
    Leon allowed him to remain free on bail, but did order Mishkin's wife and children to surrender their passports.
    In arguing for his detention, prosecutors cited taped conversations of Mishkin talking about bribes involving government officials in Peru, Columbia, Georgia and Botswana in return for contracts to sell tear gas, armored personnel carriers, Humvees and food rations.
    Leon, however, said he was not interested in hearing evidence not cited in the indictment.
    Mishkin was not present in federal court in Washington D.C. but was represented over the phone by an attorney in Miami, where he owns a company that sells military and law enforcement products to foreign governments. He is scheduled to make his first appearance before Leon next month.
    Mishkin was one of 21 defendants arrested Monday in Las Vegas, where they were attending a sports and hunting convention. The 22nd defendant was arrested in Miami. A magistrate judge in Las Vegas denied the government's motion to detain Mishkin but required him to post 10 percent of a $1 million personal bond.
    All of the defendants, including a senior Smith & Wesson Holding Corp sales official, worked for companies that sell military and police equipment. None of the companies have been charged. In a statement Tuesday, Smith & Wesson said that it was "prepared to cooperate fully" in the government's investigation.
    The arrests followed a 2-1/2-year FBI undercover operation that culminated in the return of 16 indictments in December naming the 22 defendants. The indictments were unsealed on Tuesday.
    Posing as representatives of an unnamed African defense minister, an FBI agent and unidentified industry insider allegedly told the defendants they could obtain $15 million contracts to outfit the presidential guard by paying 20 percent commissions. Half the commissions, they said, were to go to the country's defense minister.
    Prosecutors said that Mishkin agreed to the proposal in order to obtain a contract to sell riot control gear and created two price quotations in connection with the deal. One showed the true cost of the goods and the other included the so-called commissions.
    Arguing for Mishkin's detention, assistant U.S. attorney Laura Perkins said on Friday that Mishkin had claimed on tape to have contacts with the president of Bolivia and with high-level officials in Peru.
    Mishkin's attorney, Brittney Horstman, countered that Mishkin had every reason to stay and fight the charges, including meritorious defenses such as entrapment.
    Leon agreed, ruling that Mishkin had plenty of incentive not to flee the country, including his family and business in Miami.
    The cases are the biggest ever brought against individuals under the Foreign Corrupt Practices Act, according to U.S. Justice Department officials. The act prohibits the payment of bribes to foreign officials in order to obtain or keep business. (Reporting by Dan Margolies; Editing by Tim Dobbyn)
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  5. big68

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    Thanks JB, that is the one. Seems that they made quite a statement arresting them at the SHOT Show. Man this sucks and I am NOT trying to troll. I love my S&W guns.
     
  6. fastbolt

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    Why would it be? One company executive was indicted, apparently as an individual.

    Anyway, indictments aren't convictions.
     
  7. CZ guy

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    Wow, interesting. Bad PR perhaps, but certainly not the "end" of S&W.
     
  8. wrenrj1

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    All I know is my S/W stock has tanked big time since I purchased it last year.
     
  9. big68

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    When the Fed's get involved it can and will bankrupt ANY company.
     
  10. Super Trucker

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    They should arreset whoever decided to put that damn lock in the revolvers.
     
  11. XNDR17C

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    :rofl:
     
  12. G33

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    So many would be glad to see an American gun company go under?
    :whistling:
     
  13. Two Guns

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    You hit the nail right on the head.I hate those dam locks
     
  14. mteagle1

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    Too many would be happy to see every American gun company go under and then stop all imports. Even the British have discovered that they need armed police and the UN is trying to eliminate all guns. So I guess the best thing to do is throw the UN out and let them try to survive in a country where their body guards can not be armed.
     
  15. bac1023

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    :rofl:

    Yeah, I don't buy new Smiths with the lock.
     
  16. big68

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    I guess that you can NEVER have enough. I have heard that you have a small collection. :rofl:
     
  17. PlasticGuy

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    Me neither, though I did buy one of the new no-lock 442's they released last year. I'll make an effort to reward them when they make a good product. I just wish I could reward them for making a no-lock .44 Special again, but they didn't seem very optomistic when I asked them about a no-lock revolver in anything other than a J Frame.

    As far as I'm concerned, the issue with this arrest could be really bad or nothing but government bullying. I will wait until I hear more than the government's version before I make up my mind on it. They may be absolutely right about the allegations, but it's too early to tell.
     
  18. mteagle1

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    I don't understand the reasoning. My 625 came with a lock, I took it out.

    So by your reasoning, if the new car you needed came with a door lock or steering column lock you are not going to buy it either. :rofl::tongueout: