Dell Settles with SEC for $100 Million
Dell announced that it’s reached a settlement with the SEC, resolving an investigation into Dell’s disclosures and alleged omissions from before Fiscal Year 2008, regarding its relationship to Intel, as well as other accounting and financial reporting issues.
The SEC has agreed to settle with both the company and Chairman and CEO Michael Dell. The settlement with Michael Dell still has to be approved by a U.S. District Court, but both the company and Dell entered into the settlements without admitting or denying the allegations.
Michael Dell’s settlement does not involve any of the separate accounting fraud charges being settled by the company and others. The company says his settlement is "limited to claims in which only negligence, and not fraudulent intent, is required to establish liability, as well as secondary liability claims for other non-fraud charges."
He has agreed to pay a civil monetary penalty of $4 million. The complete announcement is here.