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Markopolos claims of GE fraud 'could take the company down': ERShares CEO Joel Shulman

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The forensic accounant who revealed Bernie Madoff’s ponzi scheme, Harry Markopolos, published on Thursday a 175-page report that alleges accounting fraud by General Electric (GE). The report sent shares tumbling 11%, the worst single-day loss for GE since April 2008.

ERShares CEO Joel Shulman told Yahoo Finance’s The Ticker the implications for the stock could be far worse than today’s losses if Markopolos’ claims are true.

“That would be devastating,” Shulman said. “[Markopolos] does make provocative statements… And if all that is true and there is accounting fraud or accounting manipulation, this can take the company down.”

Markopolos claims the $38 billion he says he and his team found in losses in GE’s insurance business is just the ‘tip of the iceberg,’ saying the alleged cover up is ‘far more serious than either the Enron or WorldCom accounting frauds.’ In an interview with Yahoo Finance’s The Final Round, he went on to reveal he has withheld additional information strictly for the U.S. government.

 

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