facebook
twitter
rss
account
search
search
 

Dell settles SEC charges for $111 million

July 23, 2010 at 12:34 PM   |   Comments

| License Photo
AUSTIN, Texas, July 23 (UPI) -- Dell Inc. settled a five-year battle over security fraud charges with the federal Securities and Exchange Commission for more than $100 million.

In addition, without confirming or denying the SEC's charges, Chief Executive Officer Michael Dell and former CEO Kevin Rollins each agreed to pay $4 million, the Austin American-Statesman reported. Jim Schneider, Dell's former chief financial officer, will pay $3 million, bringing the total settlement to $111 million.

In 2005, Dell and some of its key executives were accused by the SEC of not disclosing more than $4.2 million in rebates from computer chipmaker Intel Corp.

An internal company e-mail quoted in the SEC's complaint indicated Dell was depending on the payments from Intel, the newspaper said.

A March 2004 e-mail showed Dell's chief accounting officer told Michael Dell, Rollins and Schneider the company would be able to meet Wall Street analyst estimates "as long as we get $75 million from Intel.

Dell announced it was taking a $100 million charge against first-quarter earnings in June.

"We are pleased to have resolved this matter," Michael Dell said in a statement. "We are committed to maintaining clear and accurate reporting of our periodic results, supporting our customers and executing our growth strategy."

Topics: Michael Dell
© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
4
Teledyne subsidiary gains contract for submarine work Teledyne subsidiary gains contract for submarine work
5
Don't panic, stocks will rebound Don't panic, stocks will rebound
Trending News
Around the Web
x
Feedback