Dell Inc. and its founder, Michael Dell, improperly hid the effect of massive payments from chip giant Intel Corp. earlier this decade that inflated the computer maker's earnings and misled investors, U.S. regulators alleged Thursday.

Dell agreed to pay $100 million to settle Securities & Exchange Commission charges concerning Intel and other alleged accounting fraud, without admitting or denying guilt. Mr. Dell, the company's chairman and chief executive, was only charged in connection with issues concerning Intel. He agreed...