Baazov charged with five counts of illicit ‘insider trading’ activity
On 20 November 2017, Amaya’s former CEO David Baazov will be brought to Canada’s High Court by Quebec securities regulator Autorité des marchés financiers to tried with five counts of illegal 'insider trading' activity.
The AMF claims that during his six-year period as CEO of Amaya, Baazov and twelve other associates developed a ‘sophisticated network’ in order to execute a number of illicit ‘insider trades’, supported by access to ‘privileged information’, in an attempting to influence the market price of Amaya securities’.
Various Canadian news sources report that this will be the biggest insider trading investigation in the country’s corporate history. Baazov and associates have pleaded not guilty to the charges, however the AMF is said to be calling up to 50 witnesses to testify against Baazov.
The AMF has also confirmed that representatives of Canaccord Genuity Securities, Amaya’s key financier, will be asked to take the stand during the trial.
In August 2016 Baazov stepped down from his position at Amaya Inc. in November 2016 Baazov, ended his pursuit to take over management of Amaya’s assets, claiming that he could not meet ‘premium investor demands’.
The trial is expected to last 13 weeks due to the large number of witnesses called upon and ambiguous nature of the insider trading charges.
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