Amaya Gaming continues to be one of the most successful online gaming operators in the world, running some of the web’s most successful poker and casino sites. Unfortunately, its CEO David Baazov has found himself in hot water after being charged with insider trading by the Autorité des marchés financiers (AMF) in Quebec, Canada.
This week, the AMF have charged Baazov with helping to make trades while having privileged information that influence the price of Amaya’s market price. The company itself and its subsidiaries have not been implicated in the crime, and Amaya’s other executives have also remained free of scandal. The AMF has yet to state whether Baazov personally profited from the alleged insider trading.
The Amaya CEO denies any wrongdoing, and states that he will fight all of the charges. Spokespeople for the company state that the allegations are unlikely to effect the day-to-day business of Amaya. Sites like PokerStars and Full Tilt will continue to operate as usual, and Amaya will continue to maintain open communication with regulators.
They doubt that the allegations will not have any negative impact on their business and that Baazov will be fully exonerated – however, the company’s shared dropped by 20% the day the news broke. Dave Gadhia, Amaya's Lead Director, has spoken out against these claims, stating that "David Baazov has the full support of the independent members of the board”.
He informed the media that Amaya has conducted an internal review, which found no evidence of wrongdoing or violations of Canadian laws. “The independent members of the board received and reviewed the information and concluded that no action should be taken,” he says. “We have not been provided with any new information upon which the AMF's allegations of infractions are based."
The investigation into this alleged crime likely take some time. So, we will certainly keep you posted with any further developments.
About the Author
