Authorization

Famed Madoff whistleblower Harry Markopolos could make millions from his claims General Electric is committing fraud (GE)

Famed Madoff whistleblower Harry Markopolos could make millions from his claims General Electric is committing fraud (GE)
Reuters



Harry Markopolos, a whistleblower on the Madoff ponzi scheme, has the potential to make millions from his recent call that General Electric has committed billions of dollars in accounting fraud.




The former financial executive is reportedly working with an undisclosed hedge fund that's betting GE's share price will drop, and Markopolos has an agreement to receive a portion of the trading profits, according to the Wall Street Journal.




Markopolos' group has also sent its 175-page report to securities regulators in the hope of claiming a cash reward through a government whistleblower program.




GE's stock plunged 11% on Thursday — its biggest decline in 11 years — after Markopolos' accusatory report was made public.




Watch General Electric trade live.




Harry Markopolos could reap millions of dollars from his recent claim that General Electric has committed billions of dollars worth of accounting fraud.
The former financial executive who made a name for himself as a whistleblower on the Madoff ponzi scheme told the Wall Street Journal that he's working with an "undisclosed hedge fund" that's betting GE's stock price will fall.
The fund received access to Markopolos's 175-page research report before they released it on Thursday, according to the WSJ. Markopolos has also entered into agreement with the fund to receive a portion of the profits from its short position on GE.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Декабрь 2021    »
ПнВтСрЧтПтСбВс
 12345
6789101112
13141516171819
20212223242526
2728293031