Insider trading investigator faces grilling when Amaya hearing resumes

Ian Robertson, a spokesman for former CEO David Baazov, whose lawyer will do most of the grilling, says he has lots of questions for the lead investigator in the insider trading case against associates of the online gambling company Amaya. Amaya CEO David Baazov attends the company’s annual general meeting in Montreal, in a June 22, 2015, file photo. THE CANADIAN PRESS/Graham Hughes.

MONTREAL — The lead investigator in the insider trading case against associates of the online gambling company Amaya is expected to face tough cross-examination when a Quebec securities tribunal hearing resumes today.

Ian Robertson, a spokesman for former CEO David Baazov, whose lawyer will do most of the grilling, says he has lots of questions.

The lawyer, Sophie Melchers of Norton Rose Fulbright, is aiming to punch holes in the case put forward by the province’s securities regulator, L’Autorite des marches financiers.

The hearing is slated to continue for two days, including closing submissions from lawyers.

The AMF alleges that 12 people used access to privileged information about impending Amaya acquisitions to reap nearly $1.5 million in profit over five years.

No charges have been laid against the 12 individuals. But several bank and trading accounts have been frozen since March while the AMF continues to investigate.

During testimony three weeks ago, AMF investigator Xavier Saint-Pierre said it has circumstantial evidence but no direct proof that privileged information was shared in phone calls preceding several acquisitions.

Baazov has said the cross-examination marked the first step in “setting the record straight.”

Although he’s not one of the 12 individuals, Baazov faces criminal charges before the Quebec Court, including influencing or attempting to influence the market price of the securities of Amaya and communicating privileged information.

He resigned as CEO last month and cut all ties with the company, though is a major shareholder, and denies the allegations against him.

Ross Marowits, The Canadian Press
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