David Baazov, Amaya Chairman and CEO, has pleaded not guilty to a series of insider trading charges filed by Quebec’s Autorité des marchés financiers.
The regulator in March charged Baazov with five counts of insider trading and accused him of “aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya Inc., and communicating privileged information.”
The charges stem from the regulators investigation into Amaya’s $4.9 billion acquisition of PokerStars in 2014.
Baazov has taken a voluntary leave of absence from his roles with Amaya and vowed to fight the charges.
“I believe that stepping down in the short term will help to avoid distraction for the company and its management while I vigorously contest all allegations made against me and pursue my bid to acquire the company,” he said last month in a press statement.
The investigation also led to charges against Yoel Altman and Benjamin Ahdoot — and three companies: Diocles Capital Inc., Sababa Consulting Inc. and 2374879 Ontario Inc. All have pleaded not guilty, the regulator said.
The penalty for insider trading is $5,000 to $5 million per charge plus up to five years in prison. The case will now be forwarded to Quebec court for the selection of a judge and setting trial dates.
