Investigation Widens<\/strong><\/h2>\nAs we reported last week, Baazov, along with two additional individuals and three companies, are being accused by the Autorit\u00e9 des March\u00e9s Financiers (AMF) of using privileged information to gain unlawful profits.<\/p>\n
A total of 23 charges have been levied, but the scope of the investigation deepened late last week after Le Journal de Montreal<\/em> writer Hugo Joncas obtained documents from the province’s Investigation Bureau.<\/p>\n\n
According to the report, Baazov had numerous telephone discussions with his brother Josh dating back to 2010, when Amaya first internally looked at Dublin-based software company Cryptologic. Baazov reportedly made calls to his brother, who then turned to longtime friend Craig Levett, who made equity purchases in Cryptologic.<\/p>\n<\/div>\n
Amaya acquired Cryptologic in 2012 for $35.8 million, with the company paying a 52 percent premium on the software company’s share value. That was good news for all Cryptologic shareholders, which, of course, included Baazov.<\/p>\n
Joncas says investigators now believe the scheme may have been repeated multiple times. In addition to Amaya and Cryptologic, documents also list Chartwell Technology, WMS Industries, bwin, The Intertain Group Limited, and the\u00a0Oldford Group, as companies that Baazov and associates manipulated.<\/p>\n
In all, the arrangement is suspected to have illegally profited the alleged conspirators $1.5 million.<\/p>\n