Amaya Face Inside Trading Charges
Published on by Becky Mosley
David Baazov, Amaya’s CEO, has had a total of five different charges of inside trading filed against him. He’s said he will vigorously contest all of these charges, which were brought up following an investigation that was carried out by a Quebec financial investigator.
23 Different Charges
In total, Quebec’s Autorité des Marchés Financiers (AMF) filed some 23 different charges against Baazov, one of his employees and an advisor. These charges related to numerous goings-on that happened before Amaya’s acquisition of PokerStars.As for the charges filed against David Baazov, they include the charges of communicating privileged information, influencing or trying to influencing Amaya stock’s market price and helping with trades while in the position of having privileged information.David has said that all of these charges are false and that he’s very confident he will be found innocent of all of them.
Expect To Be Acquitted
Amaya has looked into these charges and has since said that it expects David to be fully acquitted of all charges. The company has also said these charges were brought against David without any merit.Dave Gadhia, Amaya’s independent board member and lead director, has confirmed that David has the full support of the board’s independent members. The independent members of the board have looked into the charges brought against David and they haven’t found any evidence to suggest that he did anything in violation of Canada’s laws.
No New Information Provided
The AMF has said that activities committed between December 2013 and June 2014 are the reason these charges have been brought up, though the independent Amaya board members believe, having reviewed David’s actions, that no charges should have been filed against him. The board members have also said that they have not been provided with any new information on these five charges. Though the AMF is keen to suppress insider trading, which is illegal, the Amaya board members insist that David hasn’t broken any laws and has acted within the law the whole time.