CEO of online gaming company Amaya faces charges of market manipulation

MONTREAL – The CEO of Montreal online gaming company Amaya has been charged after an investigation into insider trading by Quebec’s stock market watchdog.

David Baazov faces five charges, including influencing or attempting to influence the market price of the securities of Amaya and communicating privileged information.

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Baazov insisted the allegations are false.

He was charged as part of an investigation by the Autorité des marchés financiers (AMF) that resulted in 23 charges against three people and three companies.

The AMF also announced it has executed search warrants and obtained court orders to stop the activities of 13 people who traded in different securities while in possession of privileged information.

The AMF said the 13 people are alleged to have used their access to information to reap nearly $1.5 million in profit over five years starting in 2011.

It specifically mentions information about potential mergers and acquisitions involving Amaya Inc. (TSX:AYA).