A whistle-blower has blown the whistle on General Electric, accusing the company of fraud “bigger than Enron.”

The allegations brought forward by investigator Harry Markopolos on Thursday represent a serious case of white color crime. Markopolos alleges that GE has engaged in $38 billion in accounting fraud. The issues Markopolos covered in his report stem from GE’s Capital unit, a troubled financial services arm of the company. Some have accused the Capital unit of being a financial black hole for the company. The Capital unit is where GE holds its commercial and personal loans and its insurance policies.

Markopolos’ report suggests that as the result of a rule change in accounting for insurance liabilities will cause GE to lose $29 billion, as the company doesn’t have the reserves to cover long-term care liabilities. GE, for its part, has already come out calling the report “meritless.” The company dismissed Markopolos’s claims and has said that it has strong reserves and goes through rigorous testing to ensure that its reserves are adequate. A statement by GE reads “GE operates at the highest level of integrity and stands behind its financial reporting. We remain focused on running our businesses every day, following the strategic path we have laid out.” GE’s stock closed on Thursday down over 11% on the news.

When it comes to improper accounting for long-term healthcare, GE wouldn’t be alone in underestimating the necessary reserves to cover long-term liabilities. This is in large part due to the shifting demographics of the US; people are living longer than expected and the average age is rising. If you want to make sure you can cover all your employees healthcare expenses, you have to work harder and have a better-thought-out plan.