Amaya Gaming CEO David Baazov has formally plead not guilty to the insider trading charges lodged against him by Quebec financial regulators.Baazov, along with five co-defendants (two people and three companies) entered their pleas via mail over the past few weeks.

With this step of the legal process out of the way, the case will now press forward in the Quebec legal system with the selection of a judge to hear the case. As yet, no trial date has been set, but it seems like that the case will indeed proceed to trial.

Baazov is facing five charges of insider trading and financial fraud in regards to, what regulators say was, a scheme to defraud stockholders by sharing privileged information with friends and family.

His co-defendants in the case, who are also the ones accused of receiving the information, include Yoel Altman and Benjamin Ahdoot. two longtime Baazov business associates. Also included in the case are three companies (Diocles Capital Inc., Sababa Consulting Inc. and 2374879 Ontario Inc.) which are accused of participating in the alleged scheme.

Baazov has steadfastly denied any wrongdoing with regards to the charges and is expected to present a vigorous defense. Not only does he have the resources it takes to put up this kind of defense, he’s also taken an indefinite leave of absence from his position with Amaya Gaming in order to work on his defense.

If convicted on all charges, Baazov could be facing several million dollars in fines and up to five years in prison.

 


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