The body, regulating the financial market in the province of Quebec (AMF) has declared that it has the evidences of illegal insider trading of Baazov and his closest companions, including his brother Josh. Illegal insider trading was performed for six years as SBS News informs.
According to the sources of organization due to information trading, defendants were able to gain the profit in the amount of $ 1.5 million. Baazov, at the same time, has used this kind of profit to influence the Amya stock quotations.
It was noted that Baazov and his companions were using the coded language for covering merger and absorption transactions.
Representatives of Baazov have noted that he is not guilty. Ex-president of gambling holding is eager to give the evidences of his innocence to the court.
In March 2016 AMF has served David Baazov 5 charges on “aiding and abetting in carrying out trading operations based on confidential information that was able to influence on the market value of Amaya securities and transfers of confidential information to the third parties”. According to the information given by Canadian mass media, the key link in conducting the illegal transactions based on giving the confidential information is his elder brother Josh Baazov.
Because of accusations Baazov went to indefinite leave. In August he has officially retired. The new chief executive of the company now is Rafi Ashkenazi.