Berkshire Hathaway Inc (BRK.B)

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"Berkshire Takes Tax Hit as Victim of ‘Ponzi-Type’ Solar Scheme"

"(Bloomberg) -- Berkshire Hathaway Inc. thinks it was duped.

Billionaire Warren Buffett’s company took a $377 million charge after investing hundreds of millions in tax-equity investment funds tied to a company that federal authorities say engaged in fraud, according to Berkshire’s first-quarter regulatory filing. The investments were tied to DC Solar, Debbie Bosanek, Buffett’s assistant, said Wednesday in response to Bloomberg’s questions about the expense. That’s the mobile solar generator company that federal authorities have alleged ran a fraudulent scheme involving tax benefits.

“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,” Berkshire said Saturday in the filing, without naming the sponsor. “As a result of our investigation into these allegations, we now believe that it is more likely than not that the income tax benefits that we recognized are not valid.”

https://finance.yahoo.com/news/berkshire-takes-tax-hit-victim-150818841.html