Amaya, the world's largest online gaming company, is facing insider trading charges from Quebec's securities regulator tied to the company's $4.9-billion acquisition of PokerStars and Full Tilt Poker in 2014.
In total, 23 charges were filed against three companies and three individuals, including five charges for Amaya CEO David Baazov, who has been described by Forbes as "the king of online gaming."
The company is based on Montreal's West Island. The charges are "very serious" and if proven could carry fines of up to $5 million and five years in prison, said Sylvain Théberge, a spokesperson for the Quebec regulator, known by its French name, the Autorité des marchés financiers (AMF). Baazov said in a statement the charges are false and that he will vigorously contest them.
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Amaya CEO David Baazov facing insider trading charge
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