RIO DE JANEIRO, BRAZIL - Eike Batista, once the richest man in Brazil, has been fined around US$134 (R$536) million for insider trading, the securities commission (CVM) said Monday, as the ex-billionaire remains under house arrest pending an appeal against a 30-year jail sentence.
Apart from the fine, the 62-year-old also was banned for seven years from running a publicly traded company.
Batista was accused of selling shares in his oil company OGX in 2013 when he knew it would be unable to explore blocks acquired at an auction in 2007.
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