Amaya Faces Fresh Insider Trading Accusations
New Insider Trading Accusations
The Canadian iGaming developer and its $4.9 billion acquisition of PokerStars from former parent company, the Rational Group, fell under scrutiny when it was revealed that Baazov and his twelve high-ranked associates were accused of being involved in the total of 23 illegal trades carried out during his six-year spell at the Canadian company.
Baazov is due to appear in court later in November and has been pushed out of the company through share sale, but Amaya Inc. just can’t seem to shake off the scandal.
New developments have risen with more allegations currently being made against the firm as the Ontario Securities Commission accuses several former executives of Aston Hill Financial Inc. of violating securities law.
The Commission has issued a statement to reveal that fresh accusations have been linked to the possibility of leaked confidential data relating to the PokerStars takeover deal.
Aston Hill Financial Chiefs Under Scrutiny
Former Aston Hill president, Bill Cheng, the firm’s former CEO, Eric Tremblay, and CIBC investment advisor Frank Soave are all accused of misusing the classified information to take part in insider trading. Former executives are also accused on omitting important material facts when Ontario regulatory authorities examined them which is a clear violation of both Canadian and state laws.
In the wake of new accusations, it now seems unlikely that Amaya will be able to resolve the PokerStars purchase scandal anytime soon.
The new evidence provided by the Ontario Securities Commission should push the investigation in the right direction and get the authorities closer to solving the issue that has been bugging the Canadian iGaming giant for years now.