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Feb. 13, 2015 / 11:56 AM

Brazilian police seize Eike Batista's boats

JulianaCoutinho/Wikimedia

JulianaCoutinho/Wikimedia

RIO DE JANEIRO, Feb. 13 (UPI) -- Brazilian police have seized the boats of billionaire Eike Batista in an effort to collect his financial assets as he stands trial for insider trading.

Authorities confiscated a yacht, three jet skis and a speedboat under the direction of federal judge Flavio Roberto de Souza. Last week, police raided his homes, taking all items of value including a Porsche Cayenne and a Lamborghini.

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Batista is having difficulty paying off mounting debts after his companies went bankrupt. He was once one of the richest men in Brazil with a fortune of $35 billion in 2012.

His financial empire collapsed and now he is $1 billion in the hole, making him a "negative billionaire."

His legal team calls the accusations of insider trading and market manipulation "groundless."

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