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

03-23-2016 , 04:04 PM
Quote:
Originally Posted by pocket_zeros
Makes sense - that's about the amount it went up when he disclosed his tender offer to take the company private. Now that he's facing insider trading charges it's unlikely anybody would lend him the money to buy the company out, so the market is pricing out the possibility of going private.
Very legit point that's worth noting.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:05 PM
Quote:
Originally Posted by SootedPowa
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.
completely this. well see what the outcome is. seems like hes going to get the boot.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:10 PM
relax everyone

everything will be fine

we're talking about the Canadian judicial system

Judge: what'd you guys do eh?
Baazov: well yea like when the stock was $31 we had an idea to buy PS
Judge: what's the stock worth now eh?
Baazov: aboot a couple of Timmys Coffees and a box of Timbits
Judge: oh right on, gotta give the love to Timmys, i'll take a double double
Baazov: that's my favourite too yer honour
Judge: you sure there's a u in favourite and honour?
Baazov: well i was born in saskatoon
Judge: you're not a yank?
Baazov: no way eh
Judge: case dismissed, pay a fine to the mounties to clean up after those horses outside my courtroom.

Last edited by 42-2KM; 03-23-2016 at 04:19 PM.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:16 PM
Quote:
Originally Posted by 42-2KM
relax everyone

everything will be fine

we're talking about the Canadian judicial system

Judge: what'd you guys do eh?
Baazov: well yea like when the stock was $31 we had and idea to buy PS
Judge: what's the stock worth now eh?
Baazov: aboot a couple of Timmys Coffees and a box of Timbits
Judge: oh right on, gotta give the love to Timmys, i'll take a double double
Baazov: that's my favourite too yer honour
Judge: you sure there's a u in favourite and honour?
Baazov: well i was born in saskatoon
Judge: you're not a yank?
Baazov: no way eh
Judge: case dismissed, pay a fine to the mounties to clean up after those horses outside my courtroom.
lmao
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:27 PM
Quote:
Originally Posted by 42-2KM
relax everyone

everything will be fine

we're talking about the Canadian judicial system

Judge: what'd you guys do eh?
Baazov: well yea like when the stock was $31 we had an idea to buy PS
Judge: what's the stock worth now eh?
Baazov: aboot a couple of Timmys Coffees and a box of Timbits
Judge: oh right on, gotta give the love to Timmys, i'll take a double double
Baazov: that's my favourite too yer honour
Judge: you sure there's a u in favourite and honour?
Baazov: well i was born in saskatoon
Judge: you're not a yank?
Baazov: no way eh
Judge: case dismissed, pay a fine to the mounties to clean up after those horses outside my courtroom.
lol as a canadian, well playedd
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:28 PM
If insider trading is hard to prove... what are some examples of cases/people that did get in trouble?

What are the usual penalties.... and this being in canada are these penalties different?
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:38 PM
5 years and 5 million fine is what he's facing I believe
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:47 PM
Quote:
Originally Posted by randommuppet
As a rec who has worked up from 2nl to 25nl this and the rake increase have finally given me the push I needed to withdraw my (by many of your standards meagre) bank roll to go elsewhere.

Previously the software reliability/traffic and perceived security kept me at Stars but it all just seems too risky now.
yeah, isnt one of the main reasons that stars has kept alot of players is for the assumed security?

I really hope this can jumpstart a legitimate competitor with good software and a good vip scheme
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 04:57 PM
Quote:
Originally Posted by angeles
yeah, isnt one of the main reasons that stars has kept alot of players is for the assumed security?

I really hope this can jumpstart a legitimate competitor with good software and a good vip scheme
yes, monopoly so bigger player pools etc but also they WERE a great site with most trustworthy security etc, best software and customer support. at least thy have the software...

where is the pic from senatorkevins post from?
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:04 PM
anyone who has more than a few thousand in their account in jokerstars is an idiot..
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:17 PM
Oh dear, another example of industry ecperts in the poker sector lacking professionalism. When will these guys learn. Year after year, its the same **** but different story.

Oh dear, oh dear.

Rakers gonna get raked and possibly even pay some cellmate rake?

Quote:
Originally Posted by bdiddy131313
5 years and 5 million fine is what he's facing I believe
This x13 actually, i would think.

All this for a measly 1.5mirron split 13 ways? obv 1 or 2 prob had a lion share and minions were just along for a new car and holiday or something. I kinda feel sorry for the minions who didn't know better.

Additionally, I would speculate that as the CEO he is accountable for anyone under his leadership who infringes... even if he did nothing wrong... as CEO the buck stops with him.

lastly, will be the con of the century if he walks away with a small fine and shareprice hits rock bottom and then amaya buyout with new invetsoars goes ahead.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:22 PM
I wonder if Baazov's defense will use the same strategy he employed for the SNE fiasco. "Your Honor, it's all a misunderstanding, a miscommunication if you will".
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:25 PM
Also, goodbye credible board members imo, if they have any kind of decent reputation, take a pay packet and back these kind of shortcuts... i highly doubt there is any dudediligence going on behind the scenes. that said, please shut the **** up about the rng -- theres threads and porn for that kind of bs.

Also, also... Calling Negs.
-Given your position to post on important topics that affect the poker community, surely you have some comments to make on this? Someone start a thread for him please?

Last edited by TopPair2Pair; 03-23-2016 at 05:31 PM.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:27 PM
poker or rng being rigged is a different thread. I know one guy who won 1m as legit and a couple 100-200k too. Theres very big sample for the high volume players and it's pretty clear the higher tiers seem to be about right in a big sample combined.

not ruling completely out but I wouldn't go too far into conspiracies and stuff yet..
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:38 PM
Quote:
Originally Posted by spacehippie
"They made a profit of roughly 1.5 million dollars"

Wow...how ****ing greedy can you get? About to have major stock in a multi billion dollar company and scamming for pocket change....
I'm assuming that's what the AMF thinks it can prove. The actual total amount of the alleged crime is probably vastly larger. There might be friends of friends of the defendant's who profited. Kind of a "get Capone on tax evasion" sort of thing, they only charge what they can prove. So it could turn out to be the kind of case where the judge/jury uses a seemingly minor charge that doesn't normally bring heavy penalties to throw the book at the defendants.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:46 PM
when you read about the history of amaya and associates, and look at their current legal situation......

it kind of lends credibility to the theory that this is a company run by people applying dip**** logic thats ruining the games in order to boost short term reports/share prices and relieve massive debt with little clue about the long term damage its doing
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 05:53 PM
It's obvious to anyone that some insider trading took place prior to the acquisition of Pstars. I mean a run up like that just doesn't make any other sense considering its historical movement. Who was involved in the actual trading can get obscure as you can have agents and friends of agents to do your bidding.

The reality is this arrest today means very little in the grander scheme of things. Baazov is completely replaceable and if his ego wasn't so large he would have stepped down today as CEO for the sake of the company.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:02 PM
Quote:
Originally Posted by binksquared
He's a shareholder so he profits from any run up in the price, regardless of whether he sells a single share or not.

Even if he didn't own any shares, disseminating material non-public information to a restricted set of entities who then trade on it constitutes insider trading. He has a fiduciary duty to shareholders to keep that information private until it's publicly disclosed, meaning to the public at large through things like press releases, regulatory filings, etc.
Why pretend you are a lawyer or know much about insider trading. You got the bolded part right, but everything else is nonsensical, sorry.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:04 PM
Quote:
Originally Posted by juan valdez
when you read about the history of Caesars and associates, and look at their current legal situation......

it kind of lends credibility to the theory that this is a company run by people applying dip**** logic thats ruining the games in order to boost short term reports/share prices and relieve massive debt with little clue about the long term damage its doing
Sorry, edited your post only slightly , just to make a point about leveraged gaming companies in general
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:04 PM
Quote:
Originally Posted by slr940
Doesn't affect Pokerstars other than the fact they may get a new CEO.
Quote:
Global Maxfin Capital analyst Manish Grigo says although he’s not surprised by the stock’s initial downside he does not believe these charges affect the fundamentals of the company.
"Amaya has about 100 million poker players. They’re not going to stop playing because the CEO is under investigation,” Grigo told the Financial Post.
"PokerStars existed before Amaya bought it and PokerStars will still exist even if the management changes."

Quote:
Originally Posted by Amaya
The leadership of Amaya’s founder, chairman and chief executive officer, Mr. David Baazov, and other executive officers has been a critical element of the Corporation’s success. The departure, death or disability of Mr. Baazov or other extended or permanent loss of his services, or any negative market or industry perception with respect to him or arising from his loss, could have a material adverse effect on the Corporation’s business.
Amaya disagrees with you.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:05 PM
YESSSSSSSSSSSSSS!!!!

GO AFTER TROLLREISER NEXT!!!!

Enjoy jail u greedy ****ers
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:07 PM
Quote:
Originally Posted by OMGClayDol
yes, monopoly so bigger player pools etc but also they WERE a great site with most trustworthy security etc, best software and customer support. at least thy have the software...

where is the pic from senatorkevins post from?
were being the operative word here.

It's about time for one of the big competitors to fix up their software, tighten up a good vip/rb scheme, become legitimate competition
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:11 PM
Quote:
Originally Posted by angeles
It's about time for one of the big competitors to fix up their software, tighten up a good vip/rb scheme, become legitimate competition
I wouldn't hold my breath.
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:17 PM
Quote:
Originally Posted by restorativejustice
I don't believe he can afford to even plead guilty to a "fine" considering that New Jersey made PStars dump a bunch of good people with a bit of dirt in their background in exchange for operating in the State. I think this matter is as bad or worse than anything those let go had ever done.
THIS is who you call "good people with a bit of dirt in their background ?

Paul Leggett, former head of AP/UB, hired thereafter by Amaya to head online gaming and squeezed out by NJ ?

http://www.cardplayer.com/poker-news...ett-steps-down

"Leggett was once the chief operating officer of Tokwiro Enterprises, which owned both UB and Absolute Poker, two sites that were targets of a federal investigation that eventually came to be known as Black Friday. Both sites are now defunct and left former players empty-handed."

.... a bit of dirt ?
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote
03-23-2016 , 06:22 PM
Woah! Orange is the New Black ....

popcorn.gif
Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) Quote

      
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