Ex Amaya CEO to face fraud charges

The former Chief will go to trial in November under fraud allegations.

Canada.- David Baazov, former CEO of the world’s largest publicly traded online gambling company Amaya Inc., will go to trial in November in Quebec court. The ex CEO is facing five counts of securities fraud.

According to lawyers involved in this case, the trial could take up to 13 weeks, and AMF, Quebec’s securities regulator, is expected to bring more than 50 witnesses to testify against Baazov. Last year, the authorities found a large amount of cash and suspected 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 2016. According to the court, Baazov is charged for “aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya Inc, and communicating privileged information,” among other things.

Back in November, Baazov issued a bid to acquire the company for US$2.56 billion. The businessman presented an indefinite paid leave of absence two months ago as the Canadian Justice began an investigation against his actions as chief executive officer of Amaya. Two weeks later he confirmed that he decided to back off the offer: “After consulting with my advisors, I determined that the best course of action for me and Amaya would be for me to end my attempt to purchase the company.” The former CEO said that the premium demanded by certain shareholders exceeded the price at which his investors and him would be willing to complete a transaction.