Quebec AMF Sets Date for Former Amaya CEO Case
A Canadian gaming and online gambling company, Amaya, with headquarters in suburban Montreal is home of the biggest online poker community PokerStars and one of the biggest names in the gambling industry.
A scandal has rocked the firm when it was established that former CEO David Baazov was charged with 23 illegal trades believed to be carried out during the six-year period of his time in a leading position at the Canadian company.
Baazov and twelve of his closest associates are believed to have created a ‘sophisticated network’ inside which they had been executing ‘insider trades’. With privileged information in their possession, Baazov and his associates were attempting to influence the market price of Amaya securities, the AMF has revealed.
With Baazov now scheduled to stand before court in November, Canada is facing its biggest insider trading investigation in the country’s corporate history.
The Autorité des marchés Financiers (AMF) is preparing to face David Baazov with some 50 witnesses, some of whom will include non-Canadian residents who will be allowed to submit their testimonies via video conference.
Amaya key financier Canaccord Genuity Securities will also receive a call from the AMF to take a stand on Baazov’s trial.
Due to a large base of witnesses that will be involved in the hearings and the ambiguous nature of the case itself, the case against Baazov will likely last for a couple of months.
Baazov’s role at Amaya Inc was ended in August 2016, when all ties between the two parties were cut off.
In the meantime, Baazov and his associates have pleaded not guilty to all the charges.