David Baazov, CEO and shareholder that is major of parent 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 executive, along side others, of using privileged information in the weeks leading as much as the takeover of Amaya in June 2014.
The Quebec financial regulator, said today that he could face up to five years in prison and as much as $5 million in fines if proven, AMF.
The filing pertains to allegedly suspicious trading patterns 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 companies. Baazov is facing five serious charges, including 'aiding with trades while in possession of privileged information, influencing or attempting to influence industry 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 nineties, Vort