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 didn't immediately respond to telephone calls or an email requesting contact information for Mr. Passos or a company comment on the allegations.

IRB shares were up 1.3% at 3.08 reais, the equivalent of 66 cents, in mid-afternoon trading.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

April 18, 2022 14:13 ET (18:13 GMT)

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