Brazilian Mogul Eike Batista Facing Insider Trading Charges

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Brazilian Mogul Eike Batista Facing Insider Trading Charges
By EIKE_BATISTA.jpg: JulianaCoutinhoderivative work: – JBarta (This file was derived from EIKE BATISTA.jpg:) [CC BY-SA 3.0], via Wikimedia Commons

Eike Batista, former billionaire and Chief Executive Officer of EBX Group Co. is facing insider trading charges in Brazil. Batista lost most of his $34.5 billion net worth when his energy and commodities conglomerate collapsed last year.

Prosecutors in Rio de Janeiro have filed charges for alleged insider trading against Eike Batista for illegally dumping shares of his O&G company based privileged information. Then known as OGX, the firm lost 95% of its value in 2013 after it filed for bankruptcy protection. Batista’s insider trading trial will start in a Rio de Janeiro court on November 18.

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