The website gefraud.com, started by forensic accountant Harry Markopolos, appears to be gone. This was the site where interested stakeholders could download the Markopolos report, which alleged GE’s accounting for its long term care insurance business, among other things, was fraudulent. The charges set off a wild month of trading in General Electric stock, and were repeatedly denied by GE, which called them meritless.
General Electric CEO Larry Culp bought GE stock the day the report was released calling it an attempt at market manipulation “pure and simple.” Markopolos previewed his report to a hedge fund selling short GE stock and participated in any gains made on the fund’s bearish bet. The name of the hedge fund remains a mystery.
When asked about the site, GE declined to comment. Markopolos wasn’t immediately available for comment.