Quebec Authorities Say Baazov’s Amaya Gaming Shares Actually Belonged to His Brother
That answer to that question is likely to take center stage when David Baazov’s trial for insider trading begins in November.
According to documents recently filed by the Autorité des marchés financiers (AMF), whose existence was originally reported on by La Presse, as much as 75 percent of the Amaya Gaming shares that David Baazov claimed to own were actually owned Josh Bazzov and Levitt.
If true, these allegations could prove very damaging to David Baazov as he attempts to defend himself against charges that he used insider information to help other parties make money trading Amaya Gaming stocks.
In particular, it also flies in the face of the company’s claims to shareholders and financial regulators that no principal players in the company had been subject to regulatory penalties. Back in 1996, Josh Baazov was fined $777,000 by the US Federal Trade Commission for his role in a telemarketing fraud case.
The AMF went to claim that not only did Josh Baazov and Levett actually own the stock, but also that the three men entered an arrangement that prevented David Baazov from making major business decision without the other two men’s approval.
David Baazov strongly denied allegations of wrongdoing of any kind in a statement to La Presse in which his representatives said the only Amaya Gaming stock David Baazov owned were his and his alone. The representative went on to say that prosecutors were using the allegations to win their case in the court of public opinion because they do not have a strong case to present in court.
David Baazov’s trial is expected to start in early November in Quebec.