Insider trading trial begins

An insider trading trial against former Amaya CEO David Baazov and his co-accused that is expected to last until fall got underway this morning in Quebec court.

Baazov has pleaded not guilty to securities-related charges following an investigation by Quebec's stock market regulator.

He is charged with five counts, including influencing or attempting to influence the market price of Amaya's securities.

Two other associates, Yoel Altman and Benjamin Ahdoot, face 18 additional charges stemming from the regulator's investigation and have also pleaded not guilty.

The charges carry penalties of up to five years in prison and $5 million in fines.

The trial got underway months after a judge rejected a defence motion to stay the process over unreasonable delays.

The charges stem from a US$4.9-billion deal for PokerStars in 2014 that transformed the former Montreal firm into the world's largest public online poker company.

Amaya is now known as The Stars Group Inc. and has moved its operations to Toronto.

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