Brazil police say Batistas saved up to $44 mln with insider trading

Reuters Agency

The billionaire Batista brothers saved as much as 138 million reais ($44 million) through insider trading in May, when their investment vehicle sold shares of meatpacker JBS SA before signing a plea bargain deal that sent the stock plunging, Brazilian police said on Wednesday.

Brazil's federal police detained JBS SA Chief Executive Officer Wesley Batista early on Wednesday, as an investigation into his and his younger brother's role in potential insider trading ahead of a plea bargain deal with prosecutors escalated, two people with knowledge of the matter said.