The CEO of the world’s largest online gambling firm – Amaya – has been charged in Canada with insider trading.
David Baazov was charged for having used “privileged information” between December 2013 and June 2014 when trading Amaya shares.
Mr. Baazov did not agree to the charges and added that he would “vigorously contest” them.
The alleged insider trading took place at a time when Amaya was being bought by Oldford Group at a cost of $4.3bn.
Amaya has said via a statement that its chief’s charges lack merit and that they are cooperating with AMF- Quebec’s market regulators – to see to it that the issue is solved.
The body has also executed search warrants on a group of 13 individuals.
Also included in the charges are attempts to influence the stock market prices and also communication of privileged information.
Mr. Baazov has said in a statement that “These allegations are false and I intend to vigorously contest these accusations. While I am deeply disappointed with the AMF’s decision, I am highly confident I will be found innocent of all charges.”