IRB Brasil Former CFO Charged With Fraud in U.S. for Spreading False Information -- Update
April 18 2022 - 3:00PM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--The U.S. Securities and Exchange Commission has
charged a former chief financial officer of IRB Brasil with
spreading false information that Berkshire Hathaway Inc. was an
investor in the Brazilian reinsurance company to fraudulently prop
up IRB's share price.
The SEC charged Fernando Passos with allegedly carrying out the
scheme starting in February 2020 because of his concern about a
significant decline in IRB's share price, according to the SEC.
Mr. Passos, 39, allegedly falsified documents and information
and shared them with members of the press, some of IRB's directors
and with IRB investors, resulting in news outlets in Brazil and the
U.S. reporting incorrectly that Berkshire Hathaway was a
shareholder, the SEC said
IRB declined to comment, except to say that Mr. Passos left the
company in 2020 and IRB no longer has any contact with him.
IRB shares were up 0.7% at 3.06 reais, the equivalent of 66
cents, in late-afternoon trading.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 18, 2022 14:45 ET (18:45 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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