Friday, February 13, 2015

Socialism: Seize Assets From Wealthy BEFORE A Conviction


Huh, almosts sounds like property confiscation by law enforcement in the U.S. Except they just keep ours...

Police Seize Boats from Brazilian Ex-Billionaire Eike Batista

RIO DE JANEIRO – Police on Wednesday confiscated a luxury yacht, two other boats and three water scooters from Brazilian former billionaire Eike Batista amid a financial crimes probe.

The yacht, valued at 100 million reais (some $35 million), and the other boats were anchored outside Batista’s beachfront home in Angra dos Reis, Rio de Janeiro state, Brazil’s Federal Police said.

A federal court in Rio de Janeiro last week froze assets of Batista and his family amounting to more than 3 billion reais (nearly $1.06 billion).

The judge issued the order to guarantee payment of future penalties if Batista is found guilty of insider trading, money laundering and stock market manipulation.

Last Friday, police seized several assets from Batista, including a white Lamborghini Aventador LP700-4.

Batista is accused of insider trading and market manipulation prior to the collapse of his OGX oil company, actions that prosecutors say cost minority shareholders some $580 million.

OGX was the crown jewel of the business empire headed by Batista, who was once listed by Forbes magazine as the world’s eighth-wealthiest individual with an estimated net worth of $30 billion.

Prosecutors accuse Batista of not informing investors about the lack of viability of three offshore fields operated by OGX and of selling a large proportion of his shares at an elevated price on the basis of that privileged knowledge.

He could face a prison sentence if convicted.

Batista also is charged with deceiving investors by failing to follow through on a promise to invest $1 billion in OGX, which filed for bankruptcy in 2013.


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