Canada’s Autorité des marchés financiers (AMF) is charging that former Amaya CEO David Baazov used a front to make trades in Amaya stock just ahead of its .9 billion acquisition of PokerStars.
The charge came to light during court arguments in a Quebec court by Baazov’s lawyers who are seeking more discovery on the regulator’s case against Baazov. Sophie Melchers, representing Baazov, told the court that nearly one million “items” of evidence have been submitted by the regulator without sufficient parameters allowing her to build a proper defense according to Canada’s Globe and Mail newspaper.
“He’s being accused of trading via a front that’s not identified, with sums owned by an entity that’s not identified, on dates that are not identified,” Melchers said. “All those ingredients, we don’t know them.”
Melchers asked the judge to order the AMF to name the front they allege Baazov used.
Baazov has been charged with several counts on insider trading during Amaya’s acquisition of PokerStars in 2014 including aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of Amaya securities and communicating privileged information.
Baazov has denied the charges, but was forced to step down as Amaya’s CEO earlier this year. He has since made a bid to acquire Amaya and take it private.
