The Ex-Amaya CEO, now known as The Stars Group, David Baazov’s Insider Trading trial has been postponed to April. The lawsuit was meant to start Monday 26th. However, Judge Salvatore Mascia moved it to April because Baazov’s legal team wanted the trial to be delayed.
Initially, the trial was meant to start in November last year, but Baazov’s legal team only received the evidence that the prosecutors have on their client in September. Thereby not giving them enough time to prepare. The hard drive had over 10 million documents. At the moment the reason for this postponement is that they still need more time to go through the evidence that the prosecutors gave them last year.
The trial date is set to 16 April 218 to give more time to Baazov’s legal team to go through the documents.
Before this judgement, on 17 October 2017, Baazov’s lawyers filed for a stay motion to get the charges dropped. However, Judge Salvatore Mascia dismissed the motion and agreed to postpone the trial.
The Insider Trial Charges
In March 2016, David Baazov was charged with 23 insider trial charges together with his colleagues Yoel Altman and Benjamin Ahdoot. The Autorité des Marchés Financiers (AMF) had investigated the transaction that Amaya had done to purchase the Oldford Group. Oldford Group was the owner of the online poker sites PokerStars and Full Tilt Poker.
It is alleged that they influenced the sale by using privileged information that was going to affect Amaya’s market price.
In August 2016 Baazov stepped down as the CEO of Amaya and in the months that followed he sold his shares at the company. He wanted to buy the company. However, he failed to do so, and that’s when he decided to sell his shares.
If the trial starts on the date that is set now it is estimated that it will take about 70 days for the proceedings to run through. This only applies if the pace of the proceedings is at four days in a week, meaning that the trial should be done by September this year.