David Baazov, CEO and shareholder that is major of moms and dad Amaya, happens to be hit with insider trading charges in Canada.
Bad for Baazov: Amaya CEO David Baazov vigorously denies charges that he is guilty of insider trading in relation to the company’s takeover of PokerStars day. The Quebec securities regulatory agency has charged the professional, along side others, of utilizing information that is privileged the weeks leading up to the takeover of Amaya in June 2014.
If proven, AMF, the Quebec financial regulator, said today that he could face up to five years in prison and as much as $5 million in fines.
The filing relates to trading that is allegedly suspicious in the weeks leading as much as Amaya’s $4.9 billion leveraged takeover of PokerStars and Comprehensive Tilt in June 2014.
AMF filed penal proceedings against Baazov Wednesday morning, along with charges against two other individuals and three separate businesses. Baazov is facing five serious charges, including ‘aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya Inc., and communicating privileged information.’
Baazov Colleagues, Separate Business Entities Also Charged
Also accused are Benjamin Ahdoot, Amaya’s VP of government projects and a childhood friend of Baazov’s. Ahdoot and the Amaya CEO formed a computing company in the