The former King of Online Gambling, David Baazov, is suing the L’Autorite des marches financiers for $2m after they besmirched his name over allegations of illegal inside trading.
Laxism.
It’s not a word you often find floating around the guts of a poker article, but it’s apt today.
According to Collins Dictionary laxism is the doctrine that, in cases of doubt in moral matters, the more liberal course should always be followed.
In June 2018, two-years after the then CEO of Amaya Gaming Inc. David Baazov was charged with a myriad of insider trading type charges; a judge used that word when summing up the incompetence of L’Autorite des marches financiers (AMF) as he stayed all charges.
Vigorously.
Now, that’s a word that I do know, and it’s how the AMF said it is going to defend itself after Baazov instructed his legal team to sue them to the tune of $2m.
Let’s rewind.
David Baazov became a familiar name within poker circles (unless you are Rob Yong or Tom Dwan in which case you have never heard of the man) when as the CEO of Amaya Gaming Inc., he was instrumental in the $4.9bn acquisition of PokerStars owners The Rational Group thereby creating the world’s largest publicly traded online poker room.
It’s at this time that the AMF believed Baazov, fellow Amaya executive Benjamin Ahdoot, and Baazov’s financial advisor Yoel Altman might have used less than gospel means to gain financially from the acquisition. In total, the trio faced 23-charges, and Baazov pleaded not guilty to five counts including influencing or attempting to influence the market price of Amaya’s securities.
Last summer, Quebec Judge Salvatore Masci stayed all charges and during his oral summing up said the AMF’s handling of the case showed a ‘lack of rigour’ and ‘laxism’.
Going all Eckhart Tolle and focusing on the moment, Baazov has sued the AMF saying that they were ‘abusive’ and ‘malicious’ when filing accusations against him. If a Judge sides with Baazov then the case will cost the AMF $2m hence their determination to ‘vigorously’ defend themselves.
Lawyers representing Baazov filed the lawsuit in Quebec Superior Court, and Baazov said that if successful he will donate the entirety of the $2m to five Montreal charities.
The gambling industry heralded Baazov as the King of Online Gambling after the Rational Group acquisition but had to take off his crown and step down from his position as CEO of Amaya Gaming Inc., after the AMF stuck a roller skate into his balls.
After Baazov failed to buy the company in a bid to take it private, he sold all of his equity, and the Canadian outfit rebranded to The Stars Group Inc., which recently acquired Sky Betting & Gaming for $4.7 billion.
