By Ann Brown
A company owned by billionaire Warren Buffett was recently hit by a major Ponzi scheme.
Buffett’s Berkshire Hathaway, the multinational corporation, reported $377 million first-quarter investment losses related to a solar Ponzi scheme. This was revealed in a regulatory filing during its recent annual shareholders meeting. In the filing, the company said that it was the victim of a massive Ponzi scheme.
“In December 2018 and during the first quarter of 2019, we learned of allegations by federal authorities of fraudulent income conduct by the sponsor of these funds,” the filings read. “We now believe that it is more likely than not that the income tax benefits that we recognized are not valid.”
Listen to GHOGH with Jamarlin Martin | Episode 23: Everette Taylor Jamarlin talks to serial entrepreneur and marketing whiz, Everette Taylor, about building GrowthHackers, PopSocial and other companies. Everette shares what he learned from selling his first tech business at age 21 Click here to read entire article