Defendant Name: General Electric Company

Defendant Type: Public Company
SIC Code: 3511
CUSIP: 36960410

Initial Case Details

Legal Case Name In the Matter of General Electric Company
First Document Date 09-Dec-2020
Initial Filing Format Administrative Action
File Number 3-20165
Allegation Type Issuer Reporting and Disclosure
AAER 4194

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Other
• Rule 100(b) Regulation G

Resolutions

First Resolution Date 09-Dec-2020
Headline Total Penalty and Disgorgement $200,000,000

Related Documents:

33-10899 09-Dec-2020 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 9, 2020, the SEC instituted settled cease-and-desist proceedings against General Electric Company stating: "GE, a large publicly-traded company that operates a number of lines of business, failed to disclose material information to investors related to two of its key reportable segments during the period from 2015 through 2017."
2020-312 09-Dec-2020 Press Release--Administrative Proceeding
General Electric Agrees to Pay $200 Million Penalty for Disclosure Violations
The SEC stated that: "General Electric Co. (GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses. In 2017 and 2018, GE's stock price fell almost 75% as challenges in its power and insurance businesses were disclosed to the public."
34-91244 02-Mar-2021 Administrative Proceeding
Extension Order
The SEC stated "additional time is needed to complete the fund administrator solicitation and appointment process, develop the distribution methodology, and develop the plan of distribution." Accordingly, the SEC stated: "the Division's request for an extension of time until August 31, 2021 to submit a Proposed Plan of Distribution is granted."
34-91606 16-Apr-2021 Administrative Proceeding
Order Appointing Tax Administrator
The SEC stated: "IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the QSF in the above-referenced proceeding."
34-92784 27-Aug-2021 Administrative Proceeding
Second Extension Order
The Commission ordered that: "the Division’s request for an extension of time until February 28, 2022 to submit a Proposed Plan of Distribution is granted."
34-93029 16-Sep-2021 Administrative Proceeding
Order Appointing Fund Administrator and Setting Administrator Bond Amount
The SEC ordered that: "RFS is appointed as the fund administrator . . . and shall obtain a bond in the amount of $200,000,000."
34-94323 28-Feb-2022 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matter."
34-94323-pdp 28-Feb-2022 Administrative Proceeding
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties paid by General Electric Company (the “Respondent” or “GE”) in the above-captioned matter."
34-94856 05-May-2022 Administrative Proceeding
Order Approving Plan of Distribution
The Commission ordered that: "the Proposed Plan is approved without modification, and the approved Plan of Distribution shall be posted simultaneously with this order on the Commission’s website at www.sec.gov."
34-94856-dp 05-May-2022 Administrative Proceeding
Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the “Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . This Plan provides for the distribution of a Fair Fund (the “Fair Fund”), comprised of civil money penalties paid by General Electric Company (the “Respondent” or “GE”) in the above-captioned matter."
34-96436 01-Dec-2022 Administrative Proceeding
Order Approving Application of Fund Administrator For Payment of Fees and Expenses and Approval of the Payment of Future Fees and Expenses
The Commission ordered that: "OFM pay the Fund Administrator’s fees and expenses of $15,596.87 from the Fair Fund in accordance with Rule 1105(e) of the Commission’s Rules. Further, OFM is authorized to pay, at the direction of an Assistant Director of the Office of Distributions, any future fees and expenses of the Fund Administrator from the Fair Fund . . ., so long as the total amount paid to the Fund Administrator, including the invoice to be paid, does not exceed the total amount of the approved cost proposal submitted by the Fund Administrator."