MORE DETAIL ON A.M.F. CHARGES FOLLOWING AMAYA INVESTIGATION (Update)
Further companies and individuals named.
Quebec's Financial Securities Regulator, the AMF, confirmed Wednesday that it is charging David Baazov, Benjamin Ahdoot, and Yoel Altman, along with three companies, with 23 charges related to manipulating stock prices between Dec. 2013 and Dec. 2014.
The AMF also said Wednesday that it has executed search warrants and obtained orders to stop stock trading against 13 other people with ties to Amaya. Those people are accused of earning up to $1.5 million over the past five years because of insider trading.
The AMF announcement triggered a plunge in Amaya shares, which tumbled 24 percent soon after markets opened.
Ordered to cease trading: Josh Baazov,
• Amaya CEO David Baazov: five charges of insider trading, communicating privileged information;
• Benjamin Ahdoot: four charges of insider trading and manipulating stock prices;
• Yoel Altman: six charges of insider trading and manipulating stock prices
• Diocles Capital Inc: five charges of insider trading
• Sababa Consulting Inc., and a numbered company, 2374879 Ontario Inc.: three charges total of insider trading
Ordered to cease trading:
• Josh Baazov
• Craig Levett,
• Nathalie Bensmihan,
• Isam Mansour,
• Mona Kassfy,
• Allie Mansour,
• John Chatzidakis,
• Eleni Psicharis,
• Alain Anawati,
• Karl Fallenbaum,
• Earl Levett,
• Feras Antoon,
• Mark Wael Antoon.
The AMF says that under the provisions of the Securities Act (Québec) “offenders are liable to stiff fines as well as prison terms.”
“We have made suppressing illegal insider trading and market manipulation a top priority, as this type of conduct profoundly affects public confidence and the integrity of our markets,” said AMF President and CEO Louis Morisset.