Two former employees with defense contractor FLIR Systems Inc will collectively pay $70,000 in penalties to settle charges of bribing government officials in Saudi Arabia in exchange for business, U.S. regulators said Monday.

The U.S. Securities and Exchange Commission said that Stephen Timms and Yasser Ramahi, who worked in sales, also allegedly falsified records to hide their "misconduct." They each agreed to settle the case without admitting or denying the charges.