Playing the almost expired put options

Did anyone notice how cheap are some put options a few days from expiry? I don't think their price truly reflects the volatility, which makes them a viable game.

For example, 10$ strike put options against GE could have been bought for 0.14$ last week, at the time when GE stock price was 10.5-11$.

Interestingly, GE stock went down to 9.3$ on the day of expiry (last Friday) which made this a very lucrative play. This is not the first time that I noticed this phenomenon: in almost every case of my last 12 months option trading, the underlying stock almost always seemed to have experienced an unusually steep drop on the option expiry date (third Friday of a months, every third months for a given stock). Accidental?

As my friend Dozent says: every single conspiracy theory that we discussed in the past (except reptilian aliens 8-:) ) proved to be correct! I am curious!