GE CEO Larry Culp Strikes Back, Buys 252K More Shares

General Electric Company GE confirmed CEO Larry Culp bought nearly $2 million worth of the company's stock on Thursday and denied fraud accusations.

Harry Markopolos, a financial fraud investigator and forensic accountant best known for presenting evidence Madoff was engaged in a ponzi scheme, on Thursday published a report blasting GE, arguing the company is short on working capital.

GE filed a form 4S stating that the accusations made about their accounting practices are simply not accurate. These purchases came just a days after Culp already bought $3 million in stock.

In the official statement, General Electric writes:

Insider stock purchases. We filed Form 4s yesterday disclosing that Larry purchased an additional 252,200 GE shares yesterday, representing another $2 million in purchases. Independent Director Paula Rosput Reynolds purchased 5,000 shares yesterday as well. These purchases follow separate purchases earlier this week by Larry (331,684 shares), Paula (5,000 shares), Chief Human Resources Officer Kevin Cox (105,600 shares), and Lead Director Tom Horton (55,248 shares) and indicate our leaders’ continued confidence in GE’s long-term strengths.”

After taking a big fall in Thursday's session, GE shares were trading up 4% at $8.33 in Friday’s pre-market session. The stock has a 52-week high of $13.78 and a 52-week low of $6.66.

Related Links:

What The Option Market Is Saying About General Electric Following Fraud Allegations

Harry Markopolos Talks GE Fraud Thesis With CNBC

Photo credit: Momoneymoproblemz, via Wikimedia Commons

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