Insider trading allegations made by Quebec’s Autorité des Marchés Financiers (AMF) against former Amaya Inc CEO David Baazov and 12 close associates are being reviewed by an independent Montreal financial tribunal.
The two-day hearing which began on Monday will review the charges made against Baazov and associates of creating a ‘sophisticated network’ executing insider trades on Canadian stocks over a six-year period.
Last Friday, AMF filed its official charges against Baazov claiming that the accused parties had generated approximately $1.5 million in profits made from illegal trades carried out on ‘privileged information’ which influenced or attempted to influence market prices.
Baazov who in August cut all ties with Amaya operations, is reported by the AMF to be central to all the illegal trades carried out. Bringing its 23 charges against Baazov and associates, the AMF stated that its insider trading investigation is the biggest ever in Canadian corporate history.
Baazov and known associates Benjamin Ahdoot and Yoel Altman have denied the AMF charges. Canadian news sources have reported that Baazov legal representatives have asked for the tribunal to expedite the process in order for the accused to prepare their legal provisions.
The review tribunal is limited to imposing further fines and transactional restrictions, however it does not carry penal/criminal authority on Canadian courts meaning that it cannot officially charge the accused.