Monday, April 19, 2021

Brazil: Former billionaire Eike Batista gets 8-year prison sentence for market manipulation

-

Brazilian businessman Eike Batista has been found guilty of market manipulation and sentenced to eight years and seven months in prison.

The federal court’s decision released Monday also includes a fine of 82.8 million reals (nearly $20 million).

Batista was once Brazil’s richest man. The former oil and mining magnate was convicted of using information not yet disclosed to the markets for his own benefit.

- Advertisement -

Police arrested Batista last month while investigating suspicious money transactions of around 800 million reals (about $203 million).

Batista was already serving a 30-year sentence under house arrest for corruption and money laundering.

His lawyers were not immediately available to comment on the court’s ruling and to say whether they would appeal.

- Advertisement -
- Advertisement -

NEWSLETTER

Get our daily notification on the latest financial crimes news around the World

MUST READ

- Affiliate Products -

Advertisement
Advertisement

This Week

Enable Notifications    OK No thanks