Report: SEC won’t pursue charges against Buffett aide

By Laurie Bennett

January 4, 2013 at 9:03am

Federal regulators have decided not to file insider trading charges against David L. Sokol, former right-hand man to Warren Buffett, the New York Times reports.

The Times quotes Sokol’s lawyer as saying the Securities and Exchange Commission had informed his client that they had included an investigation of his dealings with Lubrizol, a company that Berkshire Hathaway later acquired.

Sokol, once considered a possible successor to Buffett, resigned from Berkshire in March 2011.

When the company announced Sokol’s purchase of Lubrizol stock, Buffett issued a statement saying: “Neither Dave nor I feel his Lubrizol purchases were in any way unlawful. He has told me that they were not a factor in his decision to resign.”

Sokol has been managing his personal investments since leaving the company.

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