It was just two months ago that David Baazov, the former CEO and Chairman of Amaya Gaming, was hit with insider trading charges by the securities regulator of Quebec. After the charges were made public, Baazov stepped down from his role at Amaya indefinitely and maintained his innocence. Baazov has now entered a not guilty plea in regards to the charges he faces.
It seems everyone involved in the insider trading case of Quebec have pled not guilty. Along with Baazov, two associates, as well as companies 2374879 Ontario Inc., Sababa Consulting Inc. and Diocles Capital Inc. have all filed a not guilty plea.
The charges against everyone, including Baazov, date back to late 2013. From December of that year until June 2014, as the deal to acquire PokerStars was in the works at Amaya, the individuals and companies charged have been accused of using privileged information when trading Amaya shares.
Baazov decided to take a leave of absence from the company when the charges came to light, which took place a mere two days after PokerStars launched in New Jersey. The story of insider trading seemed to take away some of the excitement of PokerStars launching in the United States after many years of nonoperation in the states.
The former CEO now faces five charges with each charge carrying a fine from $5,000 to $5 million. Prison time up to five years could also be sentenced.
It was believed that the charges could have a negative effect on PokerStars operations in New Jersey, but so far, the site continues to do well and have support of players and industry leaders. The charges also made waves in California as Tribal groups and card rooms had partnered with PokerStars in the hopes of offering online poker gaming if legislation is passed. For now, it seems the PokerStars coalition is still intact and working towards seeing iPoker become a reality in California.
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