Court OKs Dell Stock Fraud Fines
A district court judge approved Dell’s $100 million settlement with SEC for inflating its earnings
By: Maureen O'Gara
Oct. 17, 2010 11:15 AM
A district court judge Wednesday approved Dell's $100 million settlement with SEC for inflating its earnings.
That means that Michael Dell and ex-Dell CEO Kevin Rollins will also be writing personal checks for $4 million each to cover the fines they agreed to pay because they never told investors how dependent the company was on Intel's bluebird loyalty payments for not using AMD to get it over the quarterly earnings hump from 2001 to 2006.
Former CFO James Schneider is down for a fine of $3 million; the SEC wants nothing to do with him for the next five years.
The Intel business and the $100 million for jigging the books are two separate things. And HP fired Mark Hurd for allegedly messing up his expense account.
Michael had to appear in court to assure the judge Dell was reformed. But it's also got a lot of watchers now just in case.
Reader Feedback: Page 1 of 1
Latest Cloud Developer Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week