Brazil’s federal police have arrested JBS SA CEO Wesley Batista, accusing him of insider trading, reports Reuters. He was detailed after an arrest warrant was issues against him and his brother, Joesley Batista.
The insider trading case involving JBS follows probes by markets watchdog CVM on trades that took place before the plea deal was leaked to the press on May 17, Reuters reports. The impact from the leak, which ensnared senior politicians, led to Brazil’s worst financial market selloff in at least a decade.
Alleged omissions from the brothers’ testimony may put their plea deal at risk. For more information about the arrest, read the Reuters article.