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GE stocks plunge 11% after Madoff whistleblower accuses it of fraud

08/16/2019 3:21 pm ET
GE stocks plunge 11% after Madoff whistleblower accuses it of fraud

Photo: GE

General Electric had their worst day since 2008 when their stocks dipped 11% on Thursday.

Harry Markopolos, Madoff’s Ponzi scheme whistleblower, accused GE of massive accounting fraud, claiming they’re hiding nearly $40 billion of insurance losses.

Markopolos has claimed the fraud “amounts to over 40% of GE’s market capitalization,” making it “far more serious than either the Enron or WorldCom accounting frauds.”

GE Board Director Leslie Seldman has called the allegations “baseless” and “inflammatory,” and strongly denied them.

More at CNN

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