Warren Buffett’s Berkshire Hathaway lost $340 million to California couple's massive Ponzi con

Originally published at: https://boingboing.net/2020/01/27/warren-buffetts-berkshire-h.html


$340M? Kind of a drop in the bucket for him, eh?


Warren Buffett’s Berkshire Hathaway lost $340 million

That’s like you or I losing a dollar bet, I can’t find my fu@ks for this.


“150 luxury cars”

How many cars can you actually use? I mean, did they just drive each one until it got dirty and then buy a new one? Did they look in the garage each morning and go “Oh, that old thing? I couldn’t possibly be seen in that …”?


This product is intriguing - a trailer with ~2.3kW of solar panels on it. That would generate about $3 a day in electricity in Arizona, but cost about $30 a day for someone to tow it into place. How could anyone think this was a good investment?




Note - the post currently says BH lost $340, not $340 million.


Huh. A Dominican university that I pass on my commute has maybe 6-8 of these on their campus, to run practice field lights, tennis courts lights, and as outdoor charging stations near the dorms. I wonder if they paid for those, I almost never see them in use. But I HAVE coveted them, wishing one would wander into my yard to live a cage-free existence


Umm… they were “investments”. :roll_eyes:

1 Like

Jun. 5, 2019

The investors typically paid $45,000 of the $150,000 price tag for each of the units up front, then claimed a $45,000 tax credit on their investment as well as tax deductions for the devices’ depreciation,

Or roughly the value of about 1000 shares of BH stock.

ETA: I remember working on an investment project in the early 90’s when BRKA was trading at only $15,000 US/share. If only I had a time traveling DeLoren!

Only invest in things you understand is a pretty good motto -

Maybe they wanted to start some sort of luxury car uber thingy. That’s a good way to lose money also.

Seems they went bankrupt also. Curious. Here’s the inventory liquidation invite:

Needs more @frauenfelder

Um, isn’t that how Ponzi schemers always get caught? Either that or they disappear and abscond with their funds on the verge of bankruptcy.

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