CEO Of PokerStars' Parent Company Charged With Insider Trading
David Baazov Could Face Prison Time If Convicted
The man at the helm of Amaya Gaming, the parent company of the largest poker site in the world, has been charged with insider trading by Quebec’s security regulator, the Autorité des marchés financiers.
David Baazov, president, CEO, board chairman and a significant shareholder of Amaya, is facing five charges “for 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 regulator said Wednesday.
According to reports, the investigation is into Amaya’s $4.9 billion takeover of PokerStar and Full Tilt in 2014, a deal that made it one of the largest online gaming companies in the world.
Altogether, 23 charges were filed against three businesses and three individuals.
According to CBC News, the charges carry the possibility of five years in prison and millions in fines.
Amaya said in a press release that “Baazov denies the allegations against him, and Amaya believes they are without merit and expects Mr. Baazov will be fully exonerated.”
“Operations continue as usual and there will be no change to the PokerStars or Full Tilt product offerings, either in customer experience, player fund security or game integrity,” the company said. “Amaya will continue to communicate with its regulators and does not currently anticipate any material negative impact on its current or potential licenses, approvals or partnerships as a result of the allegations against Mr. Baazov.”
The charges come two days after PokerStars made its return to the U.S.
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