"Life comes at you fast," doesn't it Eike Batista? (Just ask MC Hammer and Allen Stanford).
It has been a very tough recent stretch for former Brazilian billionaire, Eike Batista. In 2012, shortly after he was described by Brazil's President, Dilma Rousseff, as "our standard, our expectation and, above all, the pride of Brazil when it comes to a businessman in the private sector," Batista's net worth reportedly peaked at $30 billion. He had a Mercedes-Benz McLaren - which he reportedly liked to park in the living room of his mansion to show off to visitors. After the October 2013 collapse of his oil company, OGX, however, Batista says his net worth now stands at negative $1 billion.
Now Batista faces perhaps even tough times, as he is scheduled to stand trial in Rio on criminal fraud charges on November 18, 2014. The charges relate to alleged insider trading by Batista--prosecutors claim that Batista sold shares of OGX based on inside information as it lost almost all of its value, filed for bankruptcy protection and halted most operations, Bloomberg reports.
If convicted, Batista could be the first person ever sent to prison in Brazil for insider trading. Bloomberg reports that despite the fact that news about most big deals in Brazil leaks before the official announcement, "no one has ever been imprisoned for using insider information in the 13 years since such activity was made illegal." Eduardo Salomao Neto, a partner at a law firm in Sao Paulo, Brazil, told Bloomberg that CVM, the nation's securities regulator, lacks the technology, people and funding to fully enforce the securities laws.