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SEC Drops Case Against Ex-Berkshire Exec

The Securities and Exchange Commission has reportedly decided to end a probe into former Berkshire Hathaway executive David Sokol's eyebrow-raising stock purchases without bringing formal charges.Sokol, once seen as an heir apparent to billionaire CEO Warren Buffett, raked in a $3 million profit last year thanks to scooping up shares of Lubrizol Corp. just before Berkshire bought the chemical company based on Sokol's recommendation.Buffett criticized the trades at the time as a violation of Berkshire's policies.However, the SEC has decided to drop its investigation into Sokol's trades without taking enforcement action, The Wall Street Journal reported."There has been a thorough legal analysis and factual scrutiny and the SEC has concluded, as we have always maintained, that David Sokol never did anything wrong," Sokol's attorney, Barry Levine, told the Journal .The SEC declined to comment on the Sokol matter. Buffett also declined to comment.Sources told FOX Business's Liz Claman that ...

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  1. Lufthansa Plans Private Jet Offering In North America

    Deutsche Lufthansa AG (LHA.XE) said Monday that it would extend its private-jet offering to premium passengers to North America and the Caribbean, a small but lucrat...

  2. Buffett's NetJets Sues the IRS

    FBN's Adam Shapiro on Warren Buffett's NetJets suing the IRS for millions, and whether this is hypocritical from the investor calling for the rich to pay more in taxes.

  3. Bombardier sees stronger demand for business jets

    (Reuters) - Bombardier Inc <BBDb.TO> reported a 13 percent rise in first-quarter profit, helped by strength in both its plane- and train-making divisions, and said d...

  4. Berkshire Hathaway profit falls on Japan quake

    By Ben BerkowitzNEW YORK (Reuters) - Warren Buffett's conglomerate Berkshire Hathaway Inc reported a smaller profit for the first quarter, as reinsurance losses from...

  5. Buffett: No SEC Subpoena Yet In Sokol Matter

    Billionaire investor Warren Buffett conceded Saturday that the Securities and Exchange Commission has requested information from officials at his Berkshire Hathaway ...

  6. Berkshire, Buffett Sued Over Sokol Trading Scandal

    Warren Buffett , former top lieutenant David Sokol, and the rest of Berkshire Hathaway Inc's board of directors were sued on Tuesday by a shareholder over a trading ...

  7. Berkshire and Buffett sued over Sokol's trades

    WILMINGTON, Delaware (Reuters) - Warren Buffett , former top lieutenant David Sokol, and the rest of Berkshire Hathaway Inc's <BRKa.N> <BRKb.N> board of directors we...

  8. Berkshire's Sokol Defends Self, Lawyers Get Calls

    Former Berkshire Hathaway (BRKa.N)(BRKb.N) executive David Sokol on Thursday said he has invested in companies he then recommended for acquisition in the past, a day...

  9. David Sokol Resigns from Berkshire Hathaway Post

    FBN's Liz Claman on fmr. NetJets CEO David Sokol’s decision to resign and the risk of an SEC investigation.

  10. Warren Buffett heir apparent quits after stock purchases

    NEW YORK (Reuters) - Warren Buffett's leading heir apparent David Sokol resigned from Berkshire Hathaway <BRKa.N>, and Buffett said in a statement on Wednesday that ...

  11. China's biz jet-setters: no longer flying under the radar

    By James Pomfret and Alison LeungHONG KONG (Reuters) - Flanked by an entourage of assistants and advisors, Chinese mining tycoon Lian Guangming flitted from one luxu...

  12. Bombardier in $6.7 billion deal to sell 120 planes to NetJets

    NEW YORK (Reuters) - Bombardier Inc has agreed to sell as many as 120 aircraft to Warren Buffett's NetJets Inc in a deal that could earn it more than $6.7 billion.Th...

  1. Bombardier signs record $7.8 billion deal with VistaJet

    Bombardier Inc has signed its largest business jet deal ever, a $7.8 billion order from Swiss charter operator VistaJet for up to 142 Global aircraft that highlights...

  2. Bombardier Signs Big VistaJet Deal

    Canadian aircraft builder Bombardier Inc. (BDRBF) Tuesday signed its largest-ever deal, potentially worth more than $7.8 billion, with VistaJet, a privately owned co...

  3. Textron Rallies On Solid Earnings

    Textron Inc. was among top percentage gainers on the S&P 500 Thursday, climbing more than 7% after reporting it beat its second-quarter earnings estimates. The manuf...

  4. Textron Inc&#39;s 2Q Results: Postgame Scorecard

    Textron Inc's (NYSE:TXT) profit climbed in the second quarter, topping analysts' expectations.Earnings and Revenue The company's EPS beat Wall Street estimates and t...

  5. NetJets CEO on $9.6B Deal for 425 Jets

    NetJets CEO Jordan Hansell on the company’s deal for the largest private aviation purchase in history and the company’s long-term growth and expansion.

  6. NetJets Buying 150 Planes From Textron

    Berkshire Hathaway's NetJets has inked a deal to buy 150 new business jets from  Textron's (NYSE:TXT) Cessna Aircraft Company.Tuesday's announcement comes after The ...

  7. NetJets Casts Its Eyes On China As Profit Rises 10%

    NetJets Inc. is pressing ahead with plans to launch a corporate jet business in China, part of the turnaround plan that saw the Berkshire Hathaway Inc. (BRKA, BRKB) ...

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