To stay active during retirement, Secord went into business with Albert Hakim, becoming President of Stanford Technology Trading Group Intl., also known as "The Enterprise", a company involved with arms sales to Iran during the Reagan presidency. The final report of Iran/Contra Independent Counsel Lawrence Walsh concluded that Secord had received at least $2m from his involvement in these activities, and had lied to Congress about it. On November 8, 1989, Secord pleaded guilty to one count of lying to Congress as part of a plea agreement.