On Monday, Quebec securities regulator Autorité des marchés financiers (AMF) confirmed that Baazov (pictured), two other individuals and 3 companies had formally filed written pleas of ‘not guilty’ to their combined 23 insider trading charges, each of which carries a maximum fine of as much as $5m and as much as five years in prison.
AMF spokesman Sylvain Theberge told the Canadian Press that the guilty pleas have been received during the last couple weeks and that Quebec courts would soon begin the method of choosing a judge and setting trial dates.
The AMF originally announced that the fees stemmed from suspicious trading patterns within the run-up to Amaya’s 2014 purchase of the parent company of online gambling brand PokerStars and whole Tilt. The AMF later claimed that the sketchy trading dated back to 2010 and involved a complete of 7 companies.
The AMF alleged that Baazov, who announced he was taking an indefinite leave of absence shortly after the AMF’s expanded investigation was announced, funneled privileged informatidirectly to his older brother Josh aka Ofer Baazov. The elder Baazov allegedly passed this info on to Craig Levett, who (together with others) reportedly went directly to generate $1.5m in illegal profits via timely stock trades.
The elder Baazov and Levett were previously associated with BetonUSA.com, a US-facing online gambling site that looks to have morphed into Oddsmaker.ag following the 2006 passage of America’s Unlawful Internet Gambling Enforcement Act.
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