Amaya leads the Trade Marks practice at LEXORBIS. With over 8 years of experience as a Trademark attorney, she has acquired expertise in national and. Er war einer der. In Kanada hat das zuständige Gericht das Verfahren wegen Insider Trading gegen den ehemaligen Amaya-CEO David Baazov eingestellt. Der Chef von Amaya wurde wegen Insiderhandels angeklagt. Timex Joins to discuss David Baazov insider trading allegations + rake increase on Stars.
Verbotene Insidergeschäfte: Amaya-PokerStars-Boss David Baazov angeklagt!Der Chef von Amaya wurde wegen Insiderhandels angeklagt. Timex Joins to discuss David Baazov insider trading allegations + rake increase on Stars. Canadian gambling website operator Amaya Inc's Chief Executive David Baazov has been charged with insider trading by Quebec's securities regulator. Verbotene Insidergeschäfte: Amaya-PokerStars-Boss David Baazov for aiding with trades while in possession of privileged information.
Amaya Insider Trading Related articles VideoAmaya CEO Talks On Key Industry Issues
Amaya said there are no allegations of wrongdoing by the company or any of its subsidiaries or other directors or officers. The charges are the culmination of the largest insider trading investigation in Canadian history.
The AMF, the Royal Canadian Mounted Police and Quebec police have been working with U. At the time, Amaya was a financially stretched, minor online-gambling company struggling with losses and a slumping stock price.
The AMF says it has executed search warrants and obtained cease trade orders for 13 individuals, who allegedly traded in different securities while in possession of privileged information.
The AMF says the respondents are alleged to have used, between December and June , privileged information pertaining to the securities of Amaya for trading purposes.
As well, a few of the respondents are alleged to have conspired to commit some of the offences. Grigo at Global Maxfin says that while the charges could have a negative effect on the bid, this could simply mean someone else will lead the buyout offer.
Amaya instead positioned itself as an online alternative by selling or leasing gambling software, electronic tables and mobile devices to resorts, casinos and cruise ships that connected guests to poker and other games on local networks.
Amaya's fortunes changed in when Canaccord Genuity and Desjardins Securities agreed to underwrite a life-saving initial public stock offering for a company with only 28 employees and a small library of 19 proprietary betting games.
The company's financial health was so precarious that, according to regulatory filings, it had fallen behind scheduled payments on one bank loan, while coping with a per-cent interest rate on another debt.
The new money, and a series of subsequent stock issues led by Canaccord, fed Amaya's ambitions. Within three years of the IPO, the start-up and its youthful CEO had shifted the company from a fringe player to an ambitious industry deal maker, acquiring software and gambling machine makers such as Chartwell Technology Inc.
While Mr. Baazov did not lack for ambition, his company sometimes ran short of cash to back his bets. Amaya's bid to purchase gambling software and service provider Cryptologic nearly unravelled because of insufficient financial backing.
Baazov relied on the financier for subsequent deals, but Amaya said he did not serve as an adviser on the PokerStars takeover. In the eyes of some Bay Street firms, Mr.
Baazov was a gifted deal maker. The enthusiasm partly reflected an emerging optimism in gambling circles that the United States might move to legalize online betting to tap into the rich vein of taxes generated by the booming business.
The company poised to take the greatest advantage of the potential opening was PokerStars, the world's largest online poker site.
As Mr. Baazov would later tell reporters, it was his idea to make an audacious play for PokersStars. The Isle of Man poker giant had been seeking a New Jersey casino licence to take advantage of a state law allowing casinos to also offer online gambling.
The problem with the PokerStars strategy was that the company's founder, Isai Scheinberg, was among those indicted by the U. Justice Department in for allegedly running an illegal gambling business via deceptive online payment sites.
These charges have yet to be resolved. In December, , according to Amaya regulatory filings, David Baazov flew to the Isle of Man with a financially fanciful proposal.
Baazov would later tell Forbes Magazine. The compliance team at Manulife's Dorval branch first noticed unusual trading in Amaya's stock in February, Securities firms regularly track stock bets by brokers and employees to track potentially improper trades in stocks that are restricted because the firm's advisers or bankers may have access to confidential, market-moving information.
In February, the compliance team noticed a number of the branch's brokers were placing big bets on the Montreal gambling company. According to sources, Manulife officials interviewed a handful of Dorval brokers who expressed enthusiasm for Amaya's rapidly growing business.
Amaya was not a Manulife client, the sources said, so there was no initial concern about the activity. At the time that Manulife's compliance team was asking questions, Amaya was two months into negotiations to acquire PokerStars and its parent Rational Group Ltd.
According to Amaya's regulatory filing, talks with the Scheinbergs were so advanced that some of the Montreal company's legal advisers had completed their due diligence, opening the way for serious deal negotiations in April.
Amaya was a wallflower stock in the early months of By May, Amaya's stock was on fire. Behind the scenes, a proposed deal that Amaya officials would later say was so shaky it looked "dead" on numerous occasions began to look plausible.
The turning point was financial backing from one of Wall Street's most respected financial players.
According to Amaya regulatory filings, the credit division of one of Wall Street's biggest investment companies, Blackstone Group, had signalled in May its interest in financing a major portion of the planned PokerStars acquisition.
Fund managers who "go over the wall" to discuss details of potential deal investments are required to sign documents confirming they will not disclose confidential details.
Amaya's bid called for so many billions of dollars of debt and equity investments that the company's bankers, sources said, were forced to cast a wide net to find enough investors comfortable with higher-risk securities.
The more fund managers that were approached, the greater the risks of a potential leak. By mid-May, Amaya's stock price and trading volumes were climbing.
Near the end of the month, speculation was so rampant that analysts and industry blog writers were predicting that a significant acquisition was in the works at Amaya.
Blog writers and analysts were not the only people banging the takeover drums. A handful of fund managers contacted by The Globe said they were swamped with calls and e-mails from brokers and officials at small Toronto brokerage firms with news of the pending deal.
One Toronto hedge fund executive received an early morning e-mail on May 26 from an official at a small brokerage with the subject line: "PokerStars and Amaya Gaming Talking Acquisition.
How does one call the OSC and get them involved? Trading in Amaya's stock was so heavy that day that the company was prompted by market regulators to issue a statement.
The company's said it regularly reviewed acquisitions, but there was "no assurance" a transaction was imminent.
Late on the evening of June 12, Amaya announced one of the worst-kept takeover secrets of the year. In the coming weeks and months, David Baazov, the year-old college dropout from West Montreal, was celebrated by international media as the brash new "Prince" and "King" of online gambling.
Four days after the company announced the PokerStars deal, Bay Street's self-regulator, the Investment Industry Regulatory Organization of Canada IIROC , received an anonymous letter.
According to an AMF warrant, the letter alleged that insider trading had occurred in the company's stock. Three days later, an anonymous whistle-blower made a similar alert to IIROC's counterpart in Quebec.
By the end of June, the AMF quietly issued an investigation order targeting 10 unnamed individuals for possible improper stock trading.
Within a few weeks, undercover investigators were following suspects from Manulife's Dorval branch and other unidentified individuals to local bars and homes.
On one surveillance trip, investigators followed an unnamed individual from a home in the West Montreal suburb of Pointe-Claire to the parking lot of Amaya's head office.
It has been almost a year since AMF investigators found themselves in Amaya's parking lot. The Centre Chabad says the money was illegally seized because it was found outside the address listed on the warrant and without evidence tying the cash to a crime.
AMF investigations over the spring and summer have also led to additions to court documents laying out the alleged insider trading activities of Baazov, his brother Josh and 12 others that stretch back more than six years, beginning even before the acquisition of Rational Group Ltd.
The documents say David Baazov provided details about upcoming transactions to his brother and Levett, from whom the insider information trickled down to friends, family and business associates.
The AMF says the deals typically involved a 10 per cent kickback of net profits for the information, according to emails and text messages it obtained.
Baazov was charged in March with five counts, including influencing or attempting to influence the market price of the securities of Amaya.
Although it seems that the charges are mostly directed at David Baazov personally, it is not impossible for this to reflect on PokerStars as well.
On the other side of the spectrum, shareholders will not be one bit happy, as according to Yahoo Finance! If the decline continues, board of directors could be forced to some very radical decisions to cut their losses.
And if the past is anything to go by, these changes will not favor the players.3/23/ · Amaya PokerStars insider trading investigation. Shortly after Amaya Group acquired Oldford Group, the owner of Full Tilt and PokerStars brands, in June , regulatory bodies in Canada started the investigation related to possible insider trading. Following their leads, the authorities raided Amaya offices in Pointe-Claire in December of Insider Trading History of Amaya Nicolas. The following table details the insider trading activities (stock purchases, stock sales, and stock option exercises) by Amaya Nicolas since The trader's CIK number is At the time of the last reporting, Amaya Nicolas was the Senior Vice President of Kellogg Co. (stock ticker symbol K). 3/23/ · Quebec’s securities regulator charged the chief executive of online-gambling giant Amaya and two of his associates with insider trading over the Montreal company’s takeover of cowoftheyear.coms: 1. Namensänderung vollzogen — Amaya ändert seinen Namen in The Stars Group. VERWANDTE Parken In Bad Kissingen MEHR VOM AUTOR. Poker Central: Will the Seven-Deuce Bluff Work? At Manulife, the AMF is examining a close-knit group in the Dorval branch of 15 employees, most of whom are brokers. He Skat Strategie his visitor about plans to work with his younger brother David to make a Wiener Standard bet on Barcelo San Jose gambling by raising money through an initial public offering. Josh Baazov was later linked with Amaya in March, Euro Zu Aud, when Chile's Superintendent of Casinos published a notice on its website that its senior officials met with two "representatives" from Amaya. Mascia granted the defence's third motion to stay proceedings against Baazov after rejecting two prior efforts.