Brazilian police seized a yacht and other aquatic toys owned by former billionaire Eike Batista, five days after raiding the tycoon’s mansion in Rio de Janeiro. Federal police in Rio de Janeiro said in an e-mailed statement that they apprehended a yacht, three jet skis and a speedboat owned by Batista. Photos showed the confiscated assets included a Batista boat called Spirit of Brazil. The action came after Brazilian federal judge Flavio Roberto de Souza last week ordered the seizure of all financial assets in Brazil, as well as real estate worth as much as 1.5 billion reais ($542 million), belonging to Batista, his sons Thor and Olin, former wife and carnival queen Luma de Oliveira, and lawyer Flavia Sampaio, the mother of his third son. Batista is on trial for alleged insider trading and market manipulation. [Bloomberg]
The Universe Has Good News And Less Good News For Rajat Gupta
The less good news is that a jury found the former McKinsey executive guilty on three counts of securities fraud and one count of conspiracy for passing material non-public information to his friend*, convicted insider trader Raj Rajaratnam. The good news: 1. Rajat could go to jail for twenty years but probably won't ("Gupta faces up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. But his sentence is likely to be significantly lower under federal guidelines.") 2. Sentencing is scheduled for October 18 so he's got the whole summer and then some into a Zen place about going to prison. Also! Plenty of time to do all those things he was too busy for when he was working. This is gonna be his time. Time to taste the fruits and let the juices drip down his chin. The summer of Rajat! Gupta Found Guilty Of Insider Trading [WSJ] *Friend Rajat's ass.