Omaha: A former top Berkshire Hathaway executive who many investors expected to succeed Warren Buffett one day reportedly won’t face any charges for the questionable trades he made shortly before resigning in 2011.
Attorney Barry Levine told The Wall Street Journal and The New York Times that the Securities and Exchange Commission told him Thursday that his client, David Sokol, won’t be charged.
The attorney and Sokol were unavailable for comment Friday. An SEC spokesman declined comment.
Sokol bought nearly 100,000 Lubrizol shares in 2011 when he knew Lubrizol’s board was discussing selling the specialty chemical company to Berkshire for $9 billion. Sokol had recommended Lubrizol to Buffett.
Sokol has denied any wrongdoing in his Lubrizol investment.
Buffett called Sokol’s actions unethical and inexcusable.