US charges Brazil's IRB Re former CFO Passos over false Berkshire investment tale
  • X
  • LinkedIn
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
© 2024 Insider International Limited, company number 15236286, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian Group. All rights reserved.

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
Cookies Settings

US charges Brazil's IRB Re former CFO Passos over false Berkshire investment tale

Jairo Ibarra
April 18, 2022
  • X
  • LinkedIn
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
IRB Brasil Re Sao Paulo.jpg

The US Department of Justice and the Securities and Exchange Commission have disclosed charges against IRB Brasil Resseguros’ former CFO Fernando Passos for devising a scheme to defraud investors by making it appear that Berkshire Hathaway was an IRB shareholder.

In a superseding indictment unsealed in the Southern District of Iowa, US authorities accused the executive of fraudulently “propping up” the reinsurer’s stock price by “spreading false information that Berkshire Hathaway had invested in IRB”.

The

Enter your e-mail to claim a free trial:

Uncover exclusive insights tailored for insurance leaders

    • Stay Informed: Access exclusive industry insights
    • Gain a competitive advantage: Hear first about tactical developments
    • Make better decisions: Understand market dynamics in crucial lines of business
Take a free trial Already a subscriber? Login now

Topics

NewsLegal
jairo ibarra 2024 ii us 2.png
Jairo Ibarra
Senior Reporter
Contact
Gift this article