Finance

GE CEO Larry Culp bought company’s stock after fraud accusation

0


Larry Culp, CEO, General Electric

Scott Mlyn | CNBC

General Electric CEO Larry Culp bought nearly $2 million worth of the company’s stock after Madoff whistleblower Harry Markopolos called the company “a bigger fraud than Enron.”

A Thursday evening filing with the SEC revealed that Culp bought 252,200 shares for about $7.93 each. Culp, who took over the struggling industrial conglomerate last year, has roughly doubled his holding of GE shares this week, according to the filing.

Shares of GE were up about 2.5% in after-hours trading.

In a 175-page report, Markopolos targeted the company, accusing it of issuing fraudulent financial statements to hide the extent of its accounting problems….



Source cnbc.com

Hong Kong's unrest could present a long-term opportunity: Citi

Previous article

Fed’s Bullard says only a ‘sustained’ bond inversion would be a bearish signal

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Finance