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Batista brothers formally charged for insider trading

Brothers could be sentenced to up to 13 or 18 years in prison.

The Federal Prosecutor's Office in São Paulo, Brazil, has officially charged brothers and business owners Joesley and Wesley Batista -- controllers of J&F Investimentos S.A. (J&F), which owns JBS S.A. -- for insider trader trading that occurred prior to them signing a plea deal in May.

The prosecutor said together, Wesley and Joesley worked to reduce paper losses and profit from the purchase of American currency, taking advantage of inside information and, as a consequen

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