Brazil Nets 1st Insider Trading Convictions

Law360, New York (February 18, 2011, 4:51 PM EST) -- A Brazilian court on Friday sentenced two former Sadia SA executives to more than a year on probation each, marking the country's first criminal convictions for insider trading.

Luiz Gonzaga Murat Jr., Sadia's former chief financial officer, will serve a sentence of one year and nine months "imprisonment in the open," during which time he will perform community service and refrain from serving as an administrator of any public companies, Brazilian regulators said in a statement Friday.

Murat will also pay a fine of nearly 350,000...
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