en.wikipedia.org/wiki/Harry_Markopolos
2 corrections found
Markopolos had originally concealed his identity from SEC regulators during May 1999
The year is wrong. SEC records and SEC Inspector General testimony say Markopolos’ first substantive Madoff complaint to the SEC was in May 2000, not May 1999.
Full reasoning
This sentence misdates Markopolos' first concealed contact with the SEC by one year.
SEC Inspector General H. David Kotz testified to the Senate in September 2009 that the detailed complaint about Madoff was provided to the SEC in May 2000, March 2001, and October 2005. The SEC's own OIG materials likewise describe Markopolos approaching the SEC's Boston office in May 2000 with evidence that Madoff was operating a Ponzi scheme.
So the article's phrase "during May 1999" is inconsistent with the SEC's own timeline; the documented date is May 2000.
2 sources
- Testimony Before the U.S. Senate Committee on Banking, Housing and Urban Affairs (H. David Kotz; September 10, 2009)
"The second complaint was very specific, and different versions of it were provided to the SEC in May 2000, March 2001 and October 2005."
- SEC Office of Inspector General, Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme
"Markopolos Approached the SEC’s Boston Office in May 2000 with Evidence that Madoff was Operating a Ponzi Scheme" and "In May 2000, Harry Markopolos made an eight-page submission..."
The report caused the company's stock to drop 10.3% on August 15, 2019.
The percentage drop is misstated. A fall from $9.03 to $8.01 is about 11.3%, not 10.3%, and contemporaneous coverage reported an 11.3% decline.
Full reasoning
This sentence gives the wrong percentage decline.
The same paragraph says GE closed at $9.03 before the report and $8.01 after it. That price change is about -11.3%, not -10.3%. Contemporary news coverage also described the one-day drop as 11.3%.
So the stock-price move reported here is off by roughly one percentage point.
2 sources
- GE shares fall on Madoff whistleblower calling its finances a fraud
Reuters via Yahoo Finance: "GE shares closed down 11.3% at $8.01 on Thursday".
- GE stock tumbles as Madoff whistleblower slams its accounting - Los Angeles Times
"The stock dived 11.3% to $8.01 a share, its biggest drop since April 2008."