A US federal judge has a approved a whopping $100 million fine against Dell for securities fraud.
Dell CEO Michael Dell had to persuade judge Richard Leon that he would never do the same thing again on the SEC, the judge ruled against him, saying he had to fork out $4 million of his own cash for his knowledge in the shady dealings.
“I am fully committed to making sure that our company implements all the reforms it has undertaken, We’ve continued to make a wide variety of improvements. We will certainly live up to all the commitments in the settlement.” I bet that was a tough pill to swallow for Michael.
Dell were accused of overvaluing the company worth between 2001 and 2006 but have not admitted either way, instead handing over the cash.
KitGuru says: $100 million is pocketchange for Dell. Still, it must sting a little.