Brazil’s Ex Richest Man Receives Additional Sentence for Inside Trading

Brazil’s Ex Richest Man Receives Additional Sentence for Inside Trading (MercoPress.com)
Eike Batista, formerly Brazil’s richest man, was sentenced to an additional eight years and seven months of prison time this week for insider trading. Batista, 62, had already been convicted for paying US$ 16.6m to get government contracts as part of a sprawling corruption probe known as Carwash and sentenced to 30 years, which he is serving under house arrest. Batista’s lawyer Fernando Martins said in an email that the ruling will be appealed. The decision is the first of three cases against Batista for financial crimes, federal prosecutors said in a press release. He was convicted of selling shares in his shipbuilding and logistics company OSX before announcing changes to the company’s business plan that included austerity measures, the prosecutors said

 

It's frickin Brazil. The dudes at home. Probably become a senator now that he has proven his qualifications.

 

If I were him, I would skip town and disappear in the jungle.

 

The Amazon forest is rapidly disappearing. He should leave quickly.

 

There is always Belize...If it was good for McAfee...

 

I think I red somewhere that he went from a net worth of $35B to -$1B in about 2 years...

 

Is that a negative 1B? If s0 it was a successful bankruptcy.

 

Yeah negative... He probably just kept on mining...

 

https://www.metropoles.com/brasil/vazamento-ao-btg-gerou-propinas-a-lula-e-dilma-alega-palocci

This one is even funnier. A bond fund yielding 400%, with one investor (possibly the ex-president). Trading off inside information received from the Finance Minister and Head of Central Bank.

I'd bet size, this is archived and never investigated further.

 

Unfortunately, I think that news like this one are not anymore actual news. The whole business landscape has changed so much, that it is almost impossible to reach first place among rich people without some tricks