Friday, March 25, 2016

IMF fingers David Baazov as Amaya crook

The Financial Post reports in its Tuesday edition that Quebec's securities watchdog alleges friends and associates of Amaya's CEO and his brother pocketed nearly $1.5-million in profits from insider information they received about acquisitions.

Documents released by L'Autorite des marches financiers (AMF) accuse Amaya chief executive officer David Baazov of being "the main source" of privileged information.

David Baazov

David, Josh Baazov
Baazov was charged last week with five counts, including influencing or attempting to influence the market price of the securities of Amaya. Two other people and three companies face 18 additional charges. Mr. Baazov has said the allegations are false. The documents outline alleged insider trading activity relating to seven transactions since 2011 involving 13 other people, including Mr. Baazov's brother. Profits from individual investor transactions ranged between $200 to $155,839, according to the AMF.

Baazov is taking an indefinite paid leave of absence from the company, effective yesterday. He remains on Amaya’s board.
Only in Quebec you say? Well it does beg many questions about WHY public stakeholders would continue to pay the man a salary when very serious issues have been raised about his fiduciary ethics related to those very people. Baazov SHOULD HAVE taken a voluntary hike (without compensation) the second the chit hit the fan. Now he literally gets PUSHED out by the chit avalanch yet still collects fukkin loot? Ridiculous.