Insider trading charges against former Amaya Gaming CEO David Baazov have been tossed more than two years they were originally filed due to proseuctorial bungling.
On Wednesday, Court of Quebec Judge Salvatore Mascia stayed all charges against Baazov, former Amaya exec Benjamin Ahdoot and Baazov’s friend and financial advisor Yoel Altman, citing the inept prosecution of Quebec securities regulator the Autorité des marches financiers (AMF).
The AMF brought 23 charges against the trio in March 2016 due to a series of questionable share trades surrounding Amaya business transactions, including the $4.9b purchase of the Rational Group, the parent company of PokerStars, in 2014.
The AMF claimed to have the goods on Baazov but the investigation quickly turned into a Keystone Cops affair, with the AMF admitting early on that it had failed to secure crucial phone data. The AMF dragged its heels in disclosing evidence to Baazov’s defense attorneys, then buried them in millions of files shortly before the trial was originally supposed to proceed.