Amaya Inc. Executives Accused of Insider Trading by Quebec Regulator

The Quebec financial regulator AMF has filed 23 formal charges against representatives of Amaya Inc., the owner of PokerStars, for insider trading. The charges include allegations of helping to execute trades based on confidential information, influencing or attempting to influence the market price of Amaya Inc. shares, and disclosing confidential information. David Baazov, the CEO of Amaya, faces five charges of insider trading. Similar charges have been brought against Joel Altman, an investor and advisor to Amaya, Benjamin Adut, a childhood friend of Baazov, and Josh Baazov, David's brother.

David Baazov has responded to the charges, stating that they are false and that he will actively contest them. Amaya Inc. has issued a statement supporting David Baazov, asserting that he has the full backing of the board and that the charges will not affect the company's current operations. The company's shares have dropped by 21.3% on the Toronto Stock Exchange following the charges.

Despite the charges, Amaya Inc. has stated that it will continue its operations as usual. The company's shares have shown a constant growth in the past few months, but the recent charges have led to a significant drop in their value.