This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ex-Warren Buffett Lieutenant Buying More Bank Shares

NEW YORK ( TheStreet) -- David Sokol, the disgraced former protégé of Berkshire Hathaway (BRK-B) chief Warren Buffett, has continued buying up shares of Middleburg Financial Corp. (MBRG - Get Report), a tiny, Virginia-based bank, regulatory filings show.

Sokol was widely expected to succeed Buffett as CEO of Berkshire until it came to light in March that he bought shares of Lubrizol Corp. at the same time he was recommending the company to Buffett as a potential acquisition. Berkshire agreed to acquire Lubrizol in March for $9 billion.
David Sokol

Sokol has been steadily buying shares of Middleburg Financial since at least June 3, 2009, according to about 30 filings with the Securities and Exchange Commission. On that date, he owned about 700,000 shares. As of his latest filing on Monday, Sokol owned just under 1.48 million shares for the David L. Sokol Revocable Trust.

Shares of Middleburg Financial got a big pop in March following Sokol's resignation from Berkshire, reaching a high of $19 per share. That rise was fleeting, however, and the bank's shares closed Monday at $14.69.

Sokol could not be reached, and a call to Middleburg President and CEO Gary Shook, who is listed on Sokol's SEC filings as having power of attorney for Sokol, was not immediately returned Monday evening.

-- Written by Dan Freed in New York. Follow this writer on twitter.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
MBRG $27.33 -0.16%
AAPL $92.69 -0.59%
FB $119.49 1.43%
GOOG $711.11 1.40%
TSLA $214.93 1.61%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs