Amaya's Baazov Charged With Insider Trading (update)
By Casinomeister, Last updated Mar 25, 2016
Individual charges – Amaya, subsidiaries, directors and shareholders not implicated
The ongoing investigation by the Autorité des marchés financiers (AMF), the securities regulatory authority in the Province of Quebec, has taken an unpleasant turn with charges of insider trading laid against Amaya Inc. chairman and chief executive officer David Baazov.
The charges detail Baazov being involved in aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of Amaya securities, and communicating privileged information.
A company statement said while the charges do not implicate Amaya, its subsidiaries or any other directors or shareholders, it believes they are without merit and it expects Baazov to be fully exonerated.
"The charges relating to communicating privileged information involve allegations relating to a former financial advisor to Amaya, and the charges relating to influencing or attempting to influence the market price of Amaya securities involve allegations relating to that same advisor and an employee," the statement reads.
"David Baazov has the full support of the independent members of the board," said Dave Gadhia, Amaya's Lead Director and independent board member, and the former Executive Vice Chairman and CEO of Gateway Casinos & Entertainment Inc.
"As noted previously, Amaya conducted an external internal review, supervised by its independent board members with the assistance of external legal counsel from Osler, Hoskin & Harcourt LLP in Canada and Greenberg Traurig LLP in the U.S., which thoroughly reviewed the relevant internal activities surrounding the Oldford Group acquisition.
"This review found no evidence of any violations of Canadian securities laws or regulations. The independent members of the board received and reviewed the information and concluded that no action should be taken," Gadhia concluded.
The company notes it continues to co-operate fully with the AMF and its ongoing investigation.
Online Casino News Courtesy of Infopowa
The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
bryan@casinomeister.com
Top 5 casinos
