GE shares plunge after fraud accusation
Published on: Saturday, August 17, 2019
By: AFP
NEW YORK: General Electric shares plunged Thursday after an accounting expert accused the company of fraud, an allegation the industrial giant strongly denied.Harry Markopolos, who warned securities regulators about the Bernard Madoff investment scheme years before that firm went under, accused GE of “running a decades long accounting fraud,” according to information on gefraud.com, a website set up by Markopolos and his associates.
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Markopolos told the Wall Street Journal that GE will need to bolster its insurance reserves by $18.5 billion in cash and should have booked billions in losses in its oil and gas division.Stay up-to-date by following Daily Express’s Telegram channel.
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