U.S. Markets closed

Brazil businessman Eike Batista gets 8-year prison sentence

FILE - In this Jan. 31, 2017 file photo, businessman Eike Batista, flanked by police, arrives at the Federal Police headquarters in Rio de Janeiro, Brazil. Batista was found guilty of market manipulation by a Brazilian court on Monday, Sept. 30, 2019. He has been sentenced to eight years and seven months in prison. (AP Photo/Felipe Dana, File)

RIO DE JANEIRO (AP) — Brazilian businessman Eike Batista has been found guilty of market manipulation and sentenced to eight years and seven months in prison.

The federal court's decision released on Monday also includes an 82.8 million reals (nearly $20 million) fine.

Batista was once Brazil's riches man. The former oil and mining magnate was found guilty of using information not yet disclosed to the markets for his own benefit.

Police arrested Batista last month while investigating suspicious money transactions of around 800 million reals (about $203 million).

Batista was already serving a 30-year sentence under house arrest for corruption and money laundering.

His lawyers were not immediately available to comment on the court's ruling and say whether they would appeal.