GE stocks plunge 11% after Madoff whistleblower accuses it of fraud - Front Page Live
×

Subscribe

COMING SOON! Join us for a daily recap from Front Page Live.
No, I want to miss out.

Thank you

Check your inbox for a confirmation email!
NEWS THAT MATTERS TO YOU

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

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

Back To Front Page