Amaya CEO David Baazov charged with insider trading (3/23), steps down as CEO (3/29/16) - Page 4 - Poker News

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

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03-23-2016 , 12:36 PM

#76

OMGClayDol

Carpal \'Tunnel

Join Date: Apr 2010 Posts: 11,060

apparently not just charges again baazov, more than 20 vs the company

http://www.financialpost.com/m/wp/bl...udget-released

Quote

03-23-2016 , 12:36 PM

#77

JohnNashJr

banned

Join Date: Jan 2016 Posts: 208

been a slow NVG week good timing for another Pokerstars scandal

Quote

03-23-2016 , 12:38 PM

#78

FearNoArt

adept

Join Date: Nov 2005 Posts: 717

I feel sick.

Quote

03-23-2016 , 12:40 PM

#79

Tomtah

old hand

Join Date: Jan 2008 Posts: 1,642

Quote:

Originally Posted by OMGClayDol

apparently not just charges again baazov, more than 20 vs the company

http://www.financialpost.com/m/wp/bl...udget-released

No charges were brought against amaya inc. Read the press release i posted.

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03-23-2016 , 12:49 PM

#80

jakedamus

old hand

Join Date: Mar 2010 Posts: 1,992

gonna run stars into the ground

Quote

03-23-2016 , 12:53 PM

#81

TooCuriousso1

Golden 2017

Join Date: Jul 2008 Posts: 6,711

Quote:

Originally Posted by Dr.FatCat

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

lmao

Quote

03-23-2016 , 12:53 PM

#82

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 4,392

So this must mean DNegs will be calling for Baazov's resignation:

https://www.youtube.com/watch?v=DbGbtNfdHpg#t=5m53s
https://www.youtube.com/watch?v=KNexOkMz_P0#t=3m16s

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03-23-2016 , 12:53 PM

#83

JustASpectator

veteran

Join Date: Mar 2005 Posts: 2,096

In before Daniel Negreanu is quoted saying "David Baazov is unlikely to live more than a couple years and is nearly penniless."

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03-23-2016 , 12:54 PM

#84

AguaPorFavor

grinder

Join Date: Feb 2015 Posts: 459

Get those former owners back lol

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03-23-2016 , 12:57 PM

#85

SootedPowa

veteran

Join Date: Jun 2013 Posts: 3,389

Quote:

Originally Posted by AguaPorFavor

Get those former owners back lol

Sadly wont ever happen, however we have a chance of getting some new owners here which can only be a positive for PokerStars.

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03-23-2016 , 12:57 PM

#86

AKingdom

Pooh-Bah

Join Date: May 2007 Posts: 3,520

With the exception of a few like Madoff it's pretty rare for white collar criminals to do time unfortunately. They pay the fine and don't do the time.

Last edited by Mike Haven; 03-23-2016 at 05:21 PM.

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03-23-2016 , 12:58 PM

#87

Kelvis

banned

Join Date: Dec 2013 Posts: 8,737

I was having a pretty bad day, now I'm actually smiling.

Quote

03-23-2016 , 01:02 PM

#88

p2ryan

adept

Join Date: May 2010 Posts: 821

right when cali online poker starts getting traction this happens. Good game cali poker until 2019...

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03-23-2016 , 01:02 PM

#89

oracle3001

adept

Join Date: Nov 2006 Posts: 790

Quote:

Originally Posted by AKingdom

With the exception of a few like Madoff it's pretty rare for white collar criminals to do time unfortunately. They pay the fine and don't do the time.

For some reason the name Ray Bitar comes to mind....

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03-23-2016 , 01:02 PM

#90

Stinky Stu

Pooh-Bah

Join Date: Dec 2007 Posts: 4,201

This will help promote a healthy poker ecosystem.

Quote

03-23-2016 , 01:03 PM

#91

binksquared

newbie

Join Date: Jan 2016 Posts: 39

Quote:

Originally Posted by slr940

Another thing to think about is that, from my understanding, the CEO didn't personally profit from insider trading. He has never sold a single share of Amaya.

What is being alleged is that he (along with the others accused, including brokers) told others about the deal.

25 or so people have been charged, with total "illegal" profits being abou $1.3 million.

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.

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03-23-2016 , 01:04 PM

#92

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 4,392

Article with more details:

http://www.cbc.ca/news/canada/montre...real-1.3503696

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03-23-2016 , 01:08 PM

#93

icho90

centurion

Join Date: Jun 2013 Posts: 107

Waiting for Stars Email telling us something like:

"These recent events are good for the future poker economy."

They might be even right this time! ;>

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03-23-2016 , 01:09 PM

#94

randommuppet

grinder

Join Date: Aug 2004 Posts: 411

Quote:

Originally Posted by binksquared

It's common practice for CEO remuneration, especially bonus, to be partly calculated on share price.

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03-23-2016 , 01:15 PM

#95

campfirewest

Carpal \'Tunnel

Join Date: Sep 2006 Posts: 9,979

I'm disappointed with the lack of a slow speed chase.

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03-23-2016 , 01:16 PM

#96

pmarrsouth

Pooh-Bah

Join Date: Oct 2007 Posts: 4,123

pretty genius to do enough to be suspected of insider trading to be charged, knowing that the stock (which you want all of) will take a dive, making it cheaper to buy it all outright and then get off the charges when you are found to be innocent

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03-23-2016 , 01:18 PM

#97

AKingdom

Pooh-Bah

Join Date: May 2007 Posts: 3,520

Quote:

Originally Posted by pmarrsouth

Lol, the long con.

Quote

03-23-2016 , 01:28 PM

#98

OMGClayDol

Carpal \'Tunnel

Join Date: Apr 2010 Posts: 11,060

how long does something like this take to settle (I realise it obviously depends but in general)

Quote

03-23-2016 , 01:30 PM

#99

AgressiveDog

banned

Join Date: Jul 2008 Posts: 2,962

Quote:

Originally Posted by Stinky Stu

This will help promote a healthy poker ecosystem.

Quote

03-23-2016 , 01:50 PM

#100

Cashcid Linc

Verified MTT and Mindset Coach

Join Date: Nov 2009 Posts: 3,559

Quote:

Originally Posted by pocket_zeros

In before negs tweets "pretty common for public companies with stock holders to have CEOs who commit insider trading. Not sure what more needs to be said about it?"

fyp

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