SAO PAULO – Federal prosecutors have charged Brazilian tycoon Eike Batista with manipulating the stock market and causing billions of dollars in losses.
The prosecutor's office said in a statement issued late Tuesday that Batista and seven former directors of oil company OGX Petroleo e Gas Participacoes were charged with deceiving investors with false information regarding the company's production potential.
Prosecutors say the stock manipulation caused the market to lose more than $6 billion.
OGX didn't deliver on its promises to produce significant amounts of offshore oil even though it reported many finds since 2010.
A judge has to decide to accept the charges before the case can move to trial.