Former Amaya CEO Sues Quebec Financial Regulators For $2 MillionBillionaire David Baazov Sues For Slanderous Actions By AMF, Will Donate Money To Charity If He Wins |
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The former CEO of the gaming company now known as The Stars Group is suing Quebec’s financial regulators for $2 million after beating insider trading charges in Quebec last June.
According to the Toronto Star, David Baazov filed a lawsuit last week against the L’Autorite des marches financiers (AMF) in the Quebec Superior Court, claiming the regulators were slanderous in their actions against him. He called the tactics used against him in 2016, when insider trading charges were first brought against him, as “abusive” and “malicious.”
Baazov was a key component of Amaya’s acquisition of PokerStars in 2014, which is where the insider trading charges stem from. Amaya acquired PokerStars for $4.9 billion and at one point, Baazov owned about 17 percent of the company.
Regulators in Canada believed he used illegal tactics to acquire such a large sum of money and charges were brought against him. He was charged with five counts of financial crimes, including influencing or attempting to influence the market price of Amaya’s securities. The trial came to an end when a Quebec judge stayed the proceedings.
Baazov made an attempt to buy the company in 2016 but was unsuccessful in his venture. He has since sold all of his equity and is no longer affiliated with the company in any way..
The most recent estimations of Baazov’s net worth is about $2.2 billion. If he is successful in his lawsuit against the AMF, he will donate the $2 million to five different charities in Montreal.
AMF spokesman Sylvain Theberge says that the lawsuit is “unfounded.”
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