Baazov cites PokerStars deal doubt as insider trading defense

Former Amaya Gaming CEO David Baazov attempted to bolster his defense against insider trading charges by claiming that the 2014 deal to buy PokerStars almost didn’t happen.

This week was supposed to see the start of Baazov’s criminal trial at the Court of Quebec on criminal charges of insider trading relating to, among other transactions, the 2014 $4.9b acquisition of the Rational Group, the parent company of online gambling giant PokerStars.

But La Presse reported Tuesday that the trial had once again been postponed after Baazov’s legal team made yet another attempt to have the charges tossed, this time on the basis of abuse of process, specifically, that prosecutors keep turning over fresh documents allegedly pointing to Baazov’s guilt.

Baazov’s team claims that the Autorité des marches financiers (AMF), Quebec’s securities regulator, had made nine new disclosures of evidence just three weeks ago. The new evidence includes interviews with individuals caught up in Project Bronze, a parallel AMF investigation into how others may have profited from Baazov’s alleged dissemination of privileged information.