CORRECTED-UPDATE 2-Amaya CEO charged with insider trading by Quebec regulator

Wed Mar 23, 2016 9:49am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Corrects paragraph 10 to say the regulator launched an investigation in 2014, not June)

By Amrutha Gayathri

March 23 (Reuters) - Canadian gambling website operator Amaya Inc's Chief Executive David Baazov has been charged with insider trading by Quebec's securities regulator.

The regulator said on Wednesday it had filed five charges against Baazov 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."

Amaya's U.S.-listed shares fell about 7 percent to $13.26 in premarket trading before they were halted.

"These allegations are false and I intend to vigorously contest these accusations," Baazov said in a statement.

He said he was "deeply disappointed" with the regulator's decision and that he was "highly confident" that he would be found innocent of all charges.

Amaya spokesman Eric Hollreiser said the company was reviewing the situation.

The charges come about two months after Amaya said it had received a non-binding proposal from Baazov to take the company private.   Continued...