World

Brazil prosecutors charge country's once-richest man Eike Batista with market manipulation

FILE - In this April 7, 2009 file photo, Brazilian billionaire Eike Batista attends a ceremony at which Batista donated about $4.5 U.S. million dollars for the the Rio 2016 Olympic games bid, in Rio de Janeiro, Brazil. Federal prosecutors have charged Batista with manipulating the stock market and causing billions of dollars in losses, the prosecutor's office said in a statement issued late Tuesday, Sept. 23, 2014. A judge has to decide to accept the charges before the case can move to trial. (AP Photo/Ricardo Moraes, File)

FILE - In this April 7, 2009 file photo, Brazilian billionaire Eike Batista attends a ceremony at which Batista donated about $4.5 U.S. million dollars for the the Rio 2016 Olympic games bid, in Rio de Janeiro, Brazil. Federal prosecutors have charged Batista with manipulating the stock market and causing billions of dollars in losses, the prosecutor's office said in a statement issued late Tuesday, Sept. 23, 2014. A judge has to decide to accept the charges before the case can move to trial. (AP Photo/Ricardo Moraes, File)  (The Associated Press)

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.