Brazilian Speculator Charged: Speculator Naji Nahas, who...
Brazilian Speculator Charged: Speculator Naji Nahas, who sparked a crisis in Brazil’s stock exchanges when he stopped payment on checks to brokers, has been charged with fraud and crimes against the economy, police said. The scandal forced authorities to close Brazil’s stock and options markets June 12. Brokerage houses lost up to $500 million when Nahas stopped payment on his checks, and five of them had to be closed by the Central Bank because of losses. If convicted, Nahas could be sentenced to two to 10 years for manipulating exchange markets and up to five years for letting $29 million in checks bounce. Nahas says he was an innocent victim of maneuvers by market players.
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