Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) - Page 3 - Poker News

If the man has any sense he'll step down himself to 'not damage the reputation of the company'. Though prior to today I didn't think it could get much worse - their reputation I'm referring to.

Agreed, unless he is innocent and then he understandably would fight it.

At the very least, he should recuse himself until he settles. An interim CEO should be appointed. I nominate that ship it to mama chick.

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03-23-2016 , 11:07 AM

#53

ontemu

centurion

Join Date: Jun 2012 Posts: 190

As a recreational player, the 50cent increase in my monthly chromestar rakeback was tempting, but I think Ill pass now with the CEO going to jail.

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03-23-2016 , 11:10 AM

#54

TheTenderVigilante

grinder

Join Date: Nov 2012 Posts: 634

Amaya itself now being investigated for securities violations

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03-23-2016 , 11:10 AM

#55

Zenful

newbie

Join Date: Dec 2015 Posts: 18

Quote:

Originally Posted by slr940

I imagine he will fight it and declare his innocence until they manage to come to an agreement with the authorities.

In the UK things are usually settled through a deferred prosecution agreement (DPA) where a fee is agreed. The problem for the authorities (in the UK at least) is that the average length of these cases is approximately 7 years so these cash strapped authorities end up looking after their bottom line. So I can't say I'm overly optimisitic about the outcome of this case, or whether this will have anything but a negligible effect on the product.

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03-23-2016 , 11:14 AM

#56

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 4,389

Quote:

Originally Posted by TheTenderVigilante

Amaya itself now being investigated for securities violations

That's only from an ambulance chasing firm's "press release":

http://finance.yahoo.com/news/amaya-...150200321.html

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03-23-2016 , 11:17 AM

#57

G_W_Hunting0

centurion

Join Date: Jun 2014 Posts: 181

Quote:

Originally Posted by pocket_zeros

That's only from an ambulance chasing firm's "press release":

http://finance.yahoo.com/news/amaya-...150200321.html

oh boy..

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03-23-2016 , 11:20 AM

#58

SootedPowa

veteran

Join Date: Jun 2013 Posts: 3,332

Twice there has been some extremely obvious inside trades on the stock at Amaya.

First of all in the week before they announced the purchase of PokerStars mysteriously a lot of stock was bought. This caused a notable run up and triggered the original police raid and inside trader investigation.

Secondly when Baazov himself announced on a Monday his intention to buy up enough stock to take Amaya private (at $21 a share) there had been a very mysterious sudden huge spike in the share price on the Friday before in the last hour of trading. This again was blatant and even more stupid given the ongoing investigation.

Somebody was definately up to the shadys with inside knowledge of Amaya. Given how he has operated his company in the past there is no surprise Baazov has been charged here.

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03-23-2016 , 11:25 AM

#59

ExciteD

grinder

Join Date: Feb 2015 Posts: 402

Will be sending him cigarettes in jail for the rest of his life if they stop him from destroying the game/lifestyle we love...
P.S. Something weird is going on not only with the tourneys/sitngos but also cash tables are reduced in half with 18 people on the waitlists, wtf??? Thinking about snap cashing out if it doesn`t solve in the next 10 hours

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03-23-2016 , 11:33 AM

#60

qaarama

centurion

Join Date: Jul 2013 Posts: 116

coincidence?

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03-23-2016 , 11:36 AM

#61

Rx_

centurion

Join Date: Dec 2015 Posts: 127

no, this has happened multiple times after a server restart. Its not at all related to these recent allegations. Pretty bad timing though, more money down the drain. David Baazov probably didn't enjoy his breakfast this morning, and it looks like **** is on the menu for lunch.

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03-23-2016 , 11:42 AM

#62

Nobel1

grinder

Join Date: May 2012 Posts: 666

Renegs promised changes from Amaya for this year, where we all will be excited and delighted.

Looks like they start to deliver...

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03-23-2016 , 11:46 AM

#63

Sammy21

journeyman

Join Date: Mar 2014 Posts: 262

Quote:

Originally Posted by Nobel1

Renegs promised changes from Amaya for this year, where we all will be excited and delighted.

Looks like they start to deliver...

Hahaha

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03-23-2016 , 11:51 AM

#64

SootedPowa

veteran

Join Date: Jun 2013 Posts: 3,332

Quote:

Originally Posted by Nobel1

Renegs promised changes from Amaya for this year, where we all will be excited and delighted.

Looks like they start to deliver...

Boom, winner.

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03-23-2016 , 11:57 AM

#65

mcc3504

Pooh-Bah

Join Date: Feb 2008 Posts: 3,889

Quote:

Originally Posted by Nobel1

Renegs promised changes from Amaya for this year, where we all will be excited and delighted.

Looks like they start to deliver...

lmao, in daniel we trust

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03-23-2016 , 11:58 AM

#66

Tomtah

old hand

Join Date: Jan 2008 Posts: 1,642

Quote:

Originally Posted by asianhustler

Seems like MTTs are getting cancelled left and right today. No big 8.8 today.

Clearly they are connected

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03-23-2016 , 12:00 PM

#67

oracle3001

adept

Join Date: Nov 2006 Posts: 790

Can't wait for what Comical Ali has to say about this news.

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03-23-2016 , 12:02 PM

#68

Geezer Soze

journeyman

Join Date: Aug 2015 Posts: 361

Quote:

Originally Posted by pocket_zeros

That's only from an ambulance chasing firm's "press release":

http://finance.yahoo.com/news/amaya-...150200321.html

"Based on the recent announcements, Block & Leviton LLP ..., a securities litigation firm representing investors nationwide, is investigating whether the Company and its officers and directors may have violated federal securities laws. Block & Leviton represents a number of the nation's largest institutional investors, has offices in Boston and the Bay Area and has recovered more than a billion dollars for its clients.

If you purchased or otherwise acquired Amaya securities on or before March 23, 2016, and have questions about your legal rights or possess information relevant to this investigation, please contact DNegs or 2+2 NVG."

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03-23-2016 , 12:05 PM

#69

Tomtah

old hand

Join Date: Jan 2008 Posts: 1,642

Here is the actual press release from AMF http://www.lautorite.qc.ca/en/press-...s-charges.html

Spoiler:

Matter of Amaya inc. - AMF files 23 charges against three individuals and three companies

Wednesday, March 23, 2016

Montréal – The Autorité des marchés financiers (the “AMF”) has filed penal proceedings consisting of 23 charges against David Baazov, Benjamin Ahdoot, Yoel Altman, Diocles Capital inc, Sababa Consulting inc. and 2374879 Ontario inc.

More specifically, David Baazov, president, CEO, board chairman and a significant shareholder of Amaya inc., is facing five charges, in particular for aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya inc., and communicating privileged information.

Benjamin Ahdoot and Yoel Altman are facing, respectively, four and six charges, in particular for trading while in possession of privileged information and influencing or attempting to influence the market price of the securities of Amaya inc.

Diocles Capital inc. is facing five charges of trading while in possession of privileged information and influencing or attempting to influence the market price of the securities of Amaya inc. Sababa Consulting inc. and 2374879 Ontario inc. are facing a total of three charges for trading while in possession of privileged information.

Based on the AMF’s investigation, the respondents are alleged in particular to have used, between December 2013 and June 2014, privileged information pertaining to the securities of Amaya inc. for trading purposes. As well, a few of the respondents are alleged to have conspired to commit some of the offences.

“We have made suppressing illegal insider trading and market manipulation a top priority, as this type of conduct profoundly affects public confidence and the integrity of our markets,” said AMF President and CEO Louis Morisset.

Under the provisions of the Securities Act (Québec), pursuant to which these proceedings are filed, offenders are liable to stiff fines as well as prison terms.

The AMF is pursuing its investigation in this matter and may file other charges.

The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec's financial sector.

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03-23-2016 , 12:10 PM

#70

Dr.FatCat

adept

Join Date: Dec 2013 Posts: 1,082

So finally Daniel Negs delivers on the amazing news for 2016 !

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03-23-2016 , 12:15 PM

#71

Shoving

old hand

Join Date: Oct 2015 Posts: 1,953

Never change a winning team, Mr. Baazov.

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03-23-2016 , 12:16 PM

#72

AKingdom

Pooh-Bah

Join Date: May 2007 Posts: 3,520

If you guys are interesting in this sort of stuff may I recommend the TV series Billions. It's about the district attorney (played expertly by Paul Giamatti) trying to bring down a high flying CEO like Baazov for insider trading.

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03-23-2016 , 12:19 PM

#73

NalaCat

newbie

Join Date: Apr 2014 Posts: 28

GO WAKE UP JOE INGRAM

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03-23-2016 , 12:22 PM

#74

oracle3001

adept

Join Date: Nov 2006 Posts: 790

Quote:

Originally Posted by AKingdom

Second the recommendation on Billions. Very good show.

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03-23-2016 , 12:33 PM

#75

OMGClayDol

Carpal \'Tunnel

Join Date: Apr 2010 Posts: 11,060

Quote:

Originally Posted by ontemu

As a recreational player, the 50cent increase in my monthly chromestar rakeback was tempting, but I think Ill pass now with the CEO going to jail.

looool

Quote:

Originally Posted by DaycareInferno

in before someone explains why this is good for recreational players.

this too

maybe this is the start of great changes Daniel was talking about

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