This story was published more than 5 years ago.
This week ex Amaya CEO David Baazov saw his trial for insider trading charges in Canada related to the company's purchase of The Rational Group, the parent company of PokerStars.
Baazov and former financial advisor Yoel Altman are facing charges of insider trading related to that purchase in Quebec, Canada. The court date came after Baazov's attorney requested a stay in order to sift through more than 16 million pieces of evidence. The judge said that the trial could get underway while he considers the stay, but is limiting testimony to just 50 witnesses.
Baaov is accused of sharing the details of the purchase with some of the company's investors, allowing them to inflate the share price of Amaya before the deal was announced. Amaya purchased Rational for $4.9 billion, becoming the largest online gaming company in the world as a result.
If found guilty of the charges, Baazov could face more than 5 years in prison and fines of up to $5 million.
We'll update this story as the trial commences.
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Comments
I guess the fines would be his miner problem, the huge one will be how the hell he could escape the time in jail with "16 million pieces of evidence", I guess Baazov layers would earn hard working every penny of their honorar.