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Matter of Amaya inc. - AMF files 23 charges against three individuals and three companies

Wednesday, March 23, 2016

Montréal – The Autorité des marchés financiers (the “AMF”) has filed penal proceedings consisting of 23 charges against David Baazov, Benjamin Ahdoot, Yoel Altman, Diocles Capital inc, Sababa Consulting inc. and 2374879 Ontario inc.

More specifically, David Baazov, president, CEO, board chairman and a significant shareholder of Amaya inc., is facing five charges, in particular for aiding with trades while in possession of privileged information, influencing or attempting to influence the market price of the securities of Amaya inc., and communicating privileged information.

Benjamin Ahdoot and Yoel Altman are facing, respectively, four and six charges, in particular for trading while in possession of privileged information and influencing or attempting to influence the market price of the securities of Amaya inc.

Diocles Capital inc. is facing five charges of trading while in possession of privileged information and influencing or attempting to influence the market price of the securities of Amaya inc. Sababa Consulting inc. and 2374879 Ontario inc. are facing a total of three charges for trading while in possession of privileged information.

Based on the AMF’s investigation, the respondents are alleged in particular to have used, between December 2013 and June 2014, privileged information pertaining to the securities of Amaya inc. for trading purposes. As well, a few of the respondents are alleged to have conspired to commit some of the offences.

“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.

Under the provisions of the Securities Act (Québec), pursuant to which these proceedings are filed, offenders are liable to stiff fines as well as prison terms.

The AMF is pursuing its investigation in this matter and may file other charges.

The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec's financial sector.

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