What happened to GE’s fraud case as accused by Harry Markopolos (Bernie Madoff whistleblower)?

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by KamikazeKash

I remember it being touted as the biggest corporate fraud case in decades, when it happened in late 2019.

I skimmed through his team’s 169 page report, watched videos summarizing the report. A lot of it seemed credible.

There were also other smoking guns: the CFO preemptively retires after the report drops, the share price drops 300% and holds there. There is an overhaul of upper management. They publicly admitted that they don’t entirely adhere to GAAP.

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But what’s happened since? Why isn’t there more mainstream coverage about this? Were Harry’s accusations right? What’s SEC legal stance and actions on this?

I don’t wanna seem conspiratorial but it’d seem that most institutional investors have a vested interest in holding GE.

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More worryingly, the only coverage about the aftermath I can find, seems to be taken down: www.bloomberg.com/news/articles/2019-10-25/it-s-almost-like-the-shock-ge-short-thesis-never-happened

Conversely, if there were nothing to this case and Markopolos had immense conflict of interest with the hedge fund, as the GE management claims, why this stock holding at the dropped price?

 

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