Maxwell Technologies, former executive settle SEC charges

WASHINGTON (Reuters) - Maxwell Technologies Inc and a former executive have settled charges brought by the U.S. Securities and Exchange Commission that they fraudulently inflated financial results, the agency said in a statement on Tuesday.

Without admitting or denying the allegations, Maxwell Technologies, a California-based energy storage and power delivery product manufacturer, has agreed to pay $2.8 million and former sales executive Van Andrews has agreed to pay $50,000, the agency said.

(Reporting by Eric Beech; Editing by David Alexander)