PokerStars NJ license being âclosely monitoredâ
State gaming regulator keeping a watching brief after Amaya CEO Baazov was hit with five charges of insider trading
PokerStarsâ New Jersey egaming license is being closely monitored by the state regulator following accusations of insider trading involving parent company Amayaâs CEO David Baavov made by Quebecâs financial watchdog. [private]
The charges could not have come at a worse time for Amaya, which launched its PokerStars and Full Tilt brands in the Garden State at the start of the week after being given approval by the Division of Gaming Enforcement (DGE) back in October.
But a spokesperson for the DGE confirmed to EGR NA that its investigation into Amaya was not fully complete and, like all others operating in the state, the firm currently only has a temporary egaming license.
âThe Division is closely monitoring the matter regarding the insider trading related charges that were filed by Quebec’s Financial Securities Regulator, the AMF, against Amaya CEO David Baazov and other Amaya employees,â the spokesperson told EGR NA.
âAs the Division investigation proceeds, we will address this matter with Amaya, the AMF (the financial regulator in Quebec that brought the charges against Baazov) and other licensing jurisdictions,â the spokesperson added.
The AMF announced yesterday that it has filed a total of 23 charges against Baazov, an Amaya employee and a former company advisor over accusations of insider trading relating to the firmâs $4.9bn acquisition of PokerStars in 2014.
Baazov and Amaya moved quickly to quash the accusations, saying they were without merit and false. Baazov himself said he would âvigorously contestâ the accusations and expected to be fully exonerated in due course.
For deeper analysis on what the charges mean for Amaya, click here.