Corporate Crime Case Database
Consistent with the Department’s ongoing commitment to transparency in corporate crime cases, the DOJ launched a new case database. While it is still in the process of being populated, it will eventually contain the significant, relevant cases from each component and U.S. Attorney’s Office, resolved since the beginning of 2023.
United States v. IRB Brasil Resseguros SA
On April 24, 2023, the Department of Justice, Criminal Division, Fraud Section announced a corporate resolution with IRB, which will consist of an NPA with self-reporting and $45 million in victim compensation. The CFO of Brazilian reinsurance company IRB, together with other IRB employees, enacted a scheme to mislead investors about Berkshire Hathaway’s purported investments in IRB. When the scheme was revealed, IRB’s stock price dropped by approximately 30% and caused tens of millions in shareholder losses.
Monetary Amounts and Key Terms:
- Non-Prosecution Agreement – enhanced compliance self-reporting
- $0 – Fine
- No fine based upon inability to pay ($45,000,000 otherwise)
- $5,000,000 – Victim Compensation Payment
- On April 24, 2023, the Department of Justice, Criminal Division, Fraud Section announced a corporate resolution with IRB, which will consist of an NPA with self-reporting and $45 million in victim compensation. The CFO of Brazilian reinsurance company IRB, together with other IRB employees, enacted a scheme to mislead investors about Berkshire Hathaway’s purported investments in IRB. When the scheme was revealed, IRB’s stock price dropped by approximately 30% and caused tens of millions in shareholder losses.
- Monetary Amounts and Key Terms:
- Non-Prosecution Agreement – enhanced compliance self-reporting
- $0 – Fine
- No fine based upon inability to pay ($45,000,000 otherwise)
- $5,000,000 – Victim Compensation Payment
- Amount reduced based upon inability to pay ($45,000,000 otherwise)
- $0 – Fine
- Global Resolution?: No
- Total Global Monetary Amounts: $5,000,000 (DOJ MIMF)
- Total U.S. Monetary Amounts: $5,000,000
- U.S. Criminal Monetary Amounts: $5,000,000
- Non-Prosecution Agreement – enhanced compliance self-reporting
- Monetary Amounts and Key Terms:
- Amount reduced based upon inability to pay ($45,000,000 otherwise)
- On April 24, 2023, the Department of Justice, Criminal Division, Fraud Section announced a corporate resolution with IRB, which will consist of an NPA with self-reporting and $45 million in victim compensation. The CFO of Brazilian reinsurance company IRB, together with other IRB employees, enacted a scheme to mislead investors about Berkshire Hathaway’s purported investments in IRB. When the scheme was revealed, IRB’s stock price dropped by approximately 30% and caused tens of millions in shareholder losses.
- $0 – Fine
- Global Resolution?: No
- Total Global Monetary Amounts: $5,000,000 (DOJ MIMF)
- Total U.S. Monetary Amounts: $5,000,000
- U.S. Criminal Monetary Amounts: $5,000,000