Amaya’s David Baazov allegedly involved in money-laundering scheme

09/15/16

Quebec securities officials are investigating possible connections between a Montreal Chabad group and an alleged money-laundering scam involving David Baazov, the ex-CEO of Amaya Inc.

Canada.- Quebec securities officials are investigating possible connections between a Montreal Chabad group and an alleged money-laundering scam involving David Baazov, former CEO of Amaya Inc., the world’s largest publicly traded online gambling company.

The authorities found a large amount of cash and suspect there are links between the charity and the former head of the online gambling company. Securities officials seized US$50,000 in cash during a raid at the Centre Chabad, a Chabad affiliate, back in June.

According to police forces, the Chabad centre, ostensibly a charitable group, was used to launder money by donors who are now also being targeted in the Amaya’s probe.The raid was carried out to revise Chabad centre’s banking records and communications between its employees and those connected to the Amaya investigation or Baazov.

David Baazov resigned as Amaya CEO in August, but denies the charges and is contesting the legality of the raid. In addition, Baazov is facing charges filed in March, accusing him of trying to influence the Amaya stock price by using privileged information.