Ontario Securities Commission Puts New Light on Amaya Trades

Publish: 13.04.2017

Amaya Gaming’s purchase of the Rational Group back is 2014 is once again the hot topic in the gambling community.

New Charges

The acquisition of PokerStars’ parent company which has been making huge waves over the past period is under latest scrutiny with the Ontario Securities Commission filing the paperwork which deals with allegations of insider trading by top executives of Aston Hill Financial.

The Amaya affair was first made public in December 2014 when Quebec authorities raided the company’s headquarters in Montreal, before US securities flagged around 300 investors whose dealings with Amaya were considered suspicious.

Amaya sustained another huge blow in March 2016 when former CEO David Baazov and his associates were accused of insider trading illegal activities, which resulted in Baazov stepping down from his position and ultimately selling the majority of company’s shares after several failed attempts to purchase the company.

In a new light of things, the executives of the investment firm Aston Hill Financial – more precisely former president Benedict Cheng, senior VP John David Rothstein, CEO Eric Tremblay, and CIBW Wood Gundy investment adviser Frank Soave – have been accused of passing on confidential information regarding Amaya’s Rational Group deal and ultimately lying to investigators in order to cover their tracks.

Heavy Allegations

Benedict Cheng and John David were thought to have selected a couple of clients they alerted of Amaya’s prospective deal in 2014, who then made all the right moves to buy the company’s shares shortly before Amaya went through a sudden surge in the stock price caused by the Toronto Stock Exchange.

Aston Hill’s executives and their associates made instant profit on Amaya shares, raising plenty of red flags with the Ontario Securities Commission.

The men in question are facing allegations of untruthfulness and will be due to appear at a hearing scheduled for 18 April at the OSC headquarters in Toronto, with a follow up hearing also scheduled for 4 May.