Former Amaya chief executive and co-accuseds Benjamin Ahdoot and Yoel Altman face insider trading charges in a Montreal court
Criminal proceedings alleging insider trading and other irregularities against former Amaya chief executive David Baazov and two associates began Monday despite a request for a delay by the accuseds’ legal representatives (see previous InfoPowa report).
Baazov’s lawyers had earlier submitted a motion to stay, claiming that the prosecution had overwhelmed them at the last moment with a flood of alleged evidence, leaving them insufficient time to process the information properly before going to trial.
They invoked a Supreme Court of Canada ruling requiring the timely progress through the courts of all cases, pointing out that Baazov was originally charged 18 months ago.
The prosecution responded by acknowledging that their intention had been to send the defence substantially less information than had been dispatched, explaining that the bulk of the information sent to them referred to a related but separate case.
Presiding Judge Salvatore Mascia came up with a compromise, saying he would rule later on the stay motion, but in the meantime a start will be made on hearing the testimony of some 50 witnesses.
Whilst giving no indication of his opinion on the potential outcome of the motion to stay, the judge did opine that the application did not prima facie appear to be frivolous.