Josh Baazov, David Baazov’s elusive older brother, that is also a suspect in the AMF case against.
AMF, the Canadian financial regulator, yesterday executed search warrants against 13 new individuals suspected of alleged involvement in securities fraud concerning Amaya stock, dating as far back as 2011, well ahead of the company purchased PokerStars parent Oldford Group.
Among those is CEO David Baazov’s older brother, Ofer ‘Josh’ Baazov.
The AMF released its second bombshell of the day before we’d had time to even fully digest the news that David Baazov was facing five criminal counts of insider trading.
The regulator alleges that the 13 named individuals ‘traded while in possession of privileged information, or they leaked privileged information about potential mergers and acquisitions involving Amaya Inc.
‘In all,’ in all, it continued, ‘they are purported to have realized a profit of close to CA$1.5 million ($1.13 million) between 2011 and 2016.’
This shows that the scope of the investigation predates the PokerStars acquisition and that AMF is probing previous instances of suspected insider trading in Amaya’s stock.
Amaya first went public on the TSX Venture Exchange in July, 2010, at $1 a share. In 2011, it purchased both Chartwell Technology and Cryptologic, although the second deal was perhaps not finalized until very early 2012.