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Violation Tracker Individual Record

Company: IRB Brasil Resseguros SA
Penalty: $5,000,000
Year: 2023
Date: April 24, 2023
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: fraud
Violation Description: A publicly traded Brazilian reinsurance company, IRB Brasil Resseguros SA, aka IRB Brasil RE (IRB),entered into a non-prosecution agreement (NPA) with the Justice Department and agreed to pay $5 million in victim compensation to resolve the government's investigation into a securities fraud scheme to fraudulently prop up IRB's stock price by spreading false information that U.S. investment firm Berkshire Hathaway Inc. had invested in the company. IRB trades on Brazil's B3 exchange and has shareholders around the world, including in the United States.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: non-prosecution agreement
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.