Brazil Regulator Fines Ex-IRB CFO for Fake Berkshire Claim

Brazil · Markets Key Facts —The lie. Former IRB CFO Fernando Passos planted a false story in 2020 that Berkshire Hathaway had taken a stake in the Brazilian reinsurer. —The penalty. The CVM fined Passos the maximum administrative penalty of R$20 million for stock price manipulation. —The acquittal. Ex-CEO José Carlos Cardoso was unanimously acquitted…