Security regulator of the Canadian province of Quebec, Autorité des marchés financiers (AMF), revealed on Wednesday that it has filed 23 charges against Amaya founder David Baazov.
Mr. Baazov has been accused of insider trading into gambling operator Amaya Gaming Inc., he is facing five different charges and has allegedly assisted with trades while being in possession of the company’s confidential information. He’s also accused of attempting to influence the market price of the Amaya Gaming securities and communicating confidential information for trading purposes. These charges could result in Mr. Baazov having to spend time in jail or pay a heavy fine.
Yesterday morning, Mr. Baazov released a statement stating his innocence and that his name will eventually be cleared. He further noted that these are false allegations and plans to strongly challenge these allegations. While he is deeply disappointed with AMS’s decision, he is highly confident he will be found innocent of all allegations.
The AMF also released a statement stating if Mr. Baazov is found guilty, he would be subjected to heavy fines as well as prison terms. Commenting on the allegations, Louis Morisset, President and CEO of AMF, said the suppression of market manipulation and unlawful insider trading has turned into a top priority for the regulator. He further noted that such behaviour puts markets’ integrity at risk and affects public confidence in the regulator.
