The legal battle against the former head of poker group Amaya continues in Canada.
The trial against the former head of Amaya, the poker group that operates the most profitable company in the market PokerStars, has begun. The legal battle against David Baazov began last Monday in Montreal, Canada, where the businessman is being investigated over its work in Amaya regarding insider trading at the company.
The bussinesman left Amaya’s leadership after the Québec securities regulator Autorité des marchés financiers (AMF) started investigating him for an insider trading case. Said investigation involved Amaya’s purchase of the Rational Group (owner of PokerStars and Full Tilt) and was the largest insider trading inquiry in Canadian history. Baazov will stand trial next November and will also face fraud charges in a case that might last for more than four months and will involve 50 witnesses.
According to the investigation, Baazov had allegedly traded company stock with two other employees before Amaya bought the Rational Group for a record US$4.9 billion in 2014. He also had plans to take the business private but failed to do so as questionable financial backing of the offer forced him to back off three years later.
Now the trial has officially begun as Baazov has presented new resources to continue the legal battle that started after several suits against him were introduced due to alleged corruption. Baazov has demanded a Quebec court to “dismiss his insider trading charges.”