Baazov, who along with a group of investors that includes senior Amaya execs, was expected recently to make a bid to take the company private. He said today in a statement that he was \u201cdisappointed\u201d by the investigation\u2019s findings and intended to \u201cvigorously contest\u201d these \u201cfalse\u201d charges.<\/p>\n<\/div>\n
Amaya, which is not charged with any violation, said it stood fully behind its CEO.<\/p>\n
\u201cAmaya does not anticipate the charges will have any impact on the management or day-to-day affairs of the operating business,\u201d said the company in an official statement. \u201cOperations 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.\u201d<\/p><\/blockquote>\n
Whether the New Jersey Division of Gaming Enforcement (DGE), where PokerStars just this week launched its full site to a welcoming player reception of high traffic, agrees with that assessment, remains to be seen.<\/p>\n
The Garden State gaming regulatory arm has not smiled kindly on any transgressions in the past, but will likely at least wait to see how this plays out before taking aim at their new Golden Goose.<\/p>\n
US Law Firm Launches Shareholder Investigation<\/h2>\n By midday Wednesday, Levi and Korsinsky LLP, a New York-headquartered law firm that bills itself as setting “ground-breaking legal precedents in high-stakes securities and class action lawsuits throughout the country” had already put out a call to shareholders regarding “possible violations of federal securities laws by the Company and\/or certain officers and directors.”<\/p>\n
While no legal action has yet been announced in the US, it seems entirely possible that this could be forthcoming. We will continue to update the story.<\/p>\n","protected":false},"excerpt":{"rendered":"
David Baazov, CEO and major shareholder of PokerStars parent Amaya, has been hit with insider trading charges in Canada. If proven, AMF, the Quebec financial regulator, said today that he could face up to five years in prison and as much as $5 million in fines. The filing relates to allegedly suspicious trading patterns in […]<\/p>\n","protected":false},"author":42,"featured_media":34594,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,10,19,13],"tags":[],"acf":[],"yoast_head":"\n
Amaya CEO David Baazov Charged with Insider Trading by Canadian Securities Regulator<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n