The CEO of Montreal online gaming company Amaya have been charged after an investigation into insider trading by Quebec’s stock market watchdog.

David Baazov faces five charges, including influencing or trying to influence the market price of the securities of Amaya and communicating privileged information.

“These allegations are false and that i intend to vigorously contest these accusations,” Baazov said in a press release Wednesday.

“While I'M deeply disappointed with the (Autorite des marches financiers) decision, I'M highly confident I'LL BE found innocent of all charges.”

He was charged as a part of an investigation by the AMF that ended in 23 charges against three people, including Baazov, and 3 companies: Diocles Capital inc., Sababa Consulting inc. and 2374879 Ontario inc.

The AMF also announced it executed search warrants and obtained court orders to forestall the activities of 13 additional individuals who traded in numerous securities while in possession of privileged information.

The 13 persons are purported to have used their access to information to harvest nearly $1.5 million in profit over five years starting in 2011, the AMF said. It specifically mentions details about potential mergers and acquisitions involving Amaya Inc.

Amaya said it doesn’t expect the fees to have any impact at the management or daily operation of its business, which incorporates the PokerStars and whole Tilt online gambling websites.

More on the Toronto Star

Similar Stories from This Week in Gambling:

Read More... [Source: Poker News and Features – This Week in Gambling]