https://www.cnbc.com/2018/10/30/ge-says-sec-expanding-scope-of-ongoing-accounting-investigation-shares-fall.html
SEC investigation is not necessarily surprising however the DOJ's involvement should make you sit up and pay attention.
5 replies (most recent on top)
Not true. If fraud is committed, the person(s) will go to jail. Remember ENRON, MCI and Tyco etc.? the CEOs are in jail.
IMMELT, GO TO JAIL
@VTu9jJx-nrp Interesting summary. Though I would love to see those listed charged, it seems the SEC/DOJ almost never prosecutes business leaders for stupid decisions. How many were charged after 2008 melt down?
Not surprised by this at all. These executives and CAS behaved in a manner that constitutes the legal definitions of fraud.
1) wrongful or criminal deception intended to result in financial or personal gain
2)disregard of the truth or falsity of a defamatory statement by a person who is highly aware of its probable falsity or entertains serious doubts about its truth or when there are obvious reasons to doubt the veracity and accuracy of a source [the knowingly false statement and the false statement made with reckless disregard of the truth, do not enjoy constitutional protection "Garrison v. Louisiana, 379 U.S. 64 (1964)"]
What's going to be interesting is who gets charged. I'll wager 10 shares of GE toilet paper that it's Immelt, Flannery, Borenstein, Shipchandler, Miller, Bolze, and Mock. For these people that thought they could avoid this by leaving the company they are going to be in for a surprise. You are always responsible for your own torts and criminal actions.
These people better practice gripping the soap and showering with their backs against the wall.
Captain Immelt, he's our hero!
Gonna take our stock price down to zero!
Power's problems magnified
Now he's laughing on the other side!