IRB Brasil agrees to civil injunction to settle SEC fraud charges
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IRB Brasil agrees to civil injunction to settle SEC fraud charges

Ayesha Venkataraman
May 12, 2023
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Brazilian reinsurer IRB Brasil RE has agreed to a civil injunction to settle US Securities and Exchange Commission (SEC) charges that the company planted a false story in the media about Berkshire Hathaway being shareholder to influence IRB's stock price.

The SEC complaint alleges that, in February 2020, IRB executed the fraud scheme through its former executive vice president of finance and investor relations Fernando Passos after an investment company published a report questioning the accuracy of IRB’s financial...

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