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December 9, 2020

Posted  December 9, 2020

General Electric Co. (GE) has agreed to pay $200 million to settle SEC charges of violating accounting controls, disclosure controls, antifraud, and reporting provisions of securities laws.  According to the SEC, between 2015 to 2017, GE failed to disclose to investors the full picture of some of its profits, including that some of the profits from its power business stemmed from reductions in prior cost estimates, that increases in industrial cash collections came primarily from internal receivable sales between its power and financial services businesses, and that risks had arisen in its insurance business.  When challenges to those businesses were finally disclosed to the public in 2017 and 2018, GE’s stock fell by almost 75%.  SEC

Tagged in: Financial and Investment Fraud, Misrepresentations,

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