Dell Promises Reforms After Accusations of Fraud

By: Associated Press
By: Associated Press

Dell Inc. Chairman and CEO Michael Dell has assured a federal judge that the computer maker will carry through the reforms it promised after being accused of fraudulent accounting by the government.

Dell spoke at a U.S. District Court hearing by a judge weighing whether to approve the company's $100 million settlement of civil charges with the Securities and Exchange Commission. The SEC had said that Dell improperly used payments from Intel to pump up its profits to meet Wall Street targets over five years.

Dell himself agreed to pay a $4 million fine in the settlement. The company agreed to tighten its procedures for disclosing financial information to shareholders.

Dell told Judge Richard Leon the company will live up to all the commitments in the settlement.

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