The Oracle of Omaha, multi-billionaire Warren Buffett, has had a tough 12 months since his reinsurance operations got caught up in a series of entanglements with US regulators.

Now three of his top General Re executives have announced they might be sued by the US Government over the company’s widespread sales of products like financial reinsurance. CEO Joseph Brandon has received a notice from the US Securities and Exchange Commission (SEC) in connection with its ongoing investigation of “non-traditional insurance” products. 

Parent company Berkshire Hathaway said in a statement that a “civil injunctive action” is being considered, which would allege Mr Brandon “violated or aided and abetted violations of the Securities Exchange Act.”

Former General Re Vice President Christopher Garran and Robert Graham, a current Senior Vice President, have also received notices from the SEC in connection with its ongoing investigation of non-traditional insurance products.