Published on 5th May 2016 by Becky Mosley

When David Baazov (Amaya Gaming CEO) was arrested for insider trading, it shocked the entire online casino industry, shaking it to its very core. The man, who was once considered an industry ever-present, was knocked from his pedestal, with Amaya Gaming suffering as a result. However, in a twist to proceedings, following the filing of charges against him, Baazov has pleaded not guilty.

‘Not Guilty’

Announced just this past Monday by Quebec-based securities regulator Autorité des marchés financiers (AMF), it looks as if Baazov is set to fully contest the charges brought against him. AMF also noted that two other accused individuals, along with the 3 companies in questions, also submitted written pleas of “not guilty”. Due to the pleas submitted the case, which could see Baazvo face up to 5 years in prison and a maximum fine of up to $5m, will now head to trial.Speaking on the serious nature of the offences, Sylvian Theberge (AMF Spokesman) told members of the Canadian Press that the Quebec courts are now going through pre-case formalities. This by all accounts includes the selection of a judge and formally submitting potential trial dates to the courts.

Questionable Trading Patterns

What triggered the investigation in the first place were the questionable trading patterns that occurred in the run up to Amaya’s acquisition of PokerStars back in 2014. Dubbed suspicious at the time, when this was looked into, AMF found that so called “sketchy” trading practices concerning Amaya could be dated all the way back to 2010.With the finger now firmly pointed at Baazov, along with 13 other individuals, both Amaya and the online casino industry as a whole now awaits is the outcome of what is sure to be a lengthy trial.