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Canadian Regulator Says Former Poker Boss Hid Real Ownership Structure: Report

David Baazov Allegedly Had Shares That Actually Belonged To Brother

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David Baazov, the former CEO of the company formerly known as Amaya, allegedly controlled shares belonging to his brother and his brother’s business associate, a Canadian regulator says, per a report from Lapresse.ca.

Baazov is set to go to trial in November over alleged insider trading. The Quebec securities regulator Autorité des marchés financiers believes the majority of Baazov’s shares belonged to Ofer Baazov and Craig Levett.

In 1996, Ofer was fined nearly $800,000 in the U.S. over telemarketing fraud allegations, Canadian regulators reportedly pointed out amid the investigation.

Baazov denied the allegations through a spokesperson.

“The AMF continues to manage this case in the court of public opinion because it can not win in court. David never detained Amaya shares for anyone other than himself (translation).”

Amaya Gaming, now called The Stars Group, is a multi-billion-dollar online gambling powerhouse. Its PokerStars brand controls some 70 percent of the worldwide online poker market.

Baazov left the company last year amid the scandal.