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Parent company to the world’s largest online poker site PokerStars, Amaya Gaming has reportedly been the subject of a probe by the Quebec securities regulator Autorité des Marchés Financiers (AMF).
News of the investigation first came to light in December.
The investigation timeline
December 10 (time unknown): Agents from the AMF, accompanied by the RCMP, visit the offices of Amaya, Canaccord Genuity and Manulife Financial. All three offices are searched. AMF officials reportedly requested and received a list of trading activity from Canaccord.
December 11, 7:13 PM EST: Forbes publishes the first known report of the incident. This report became the primary source for most subsequent reporting.
December 11, 10:47 EST: Amaya releases a statement on the Forbes report.
On Wednesday, a Quebec judge has quashed a publication ban issued last March on a search warrant that targets unnamed employees at Amaya Inc., Manulife Securities Inc. and Canaccord Genuity Corp.
As a result, 40 pages of sealed documents were released to the public on Wednesday with revelations that 20 employees and individuals linked to Amaya, Manulife and Canaccord are under investigation. Names of all individuals have been redacted.
From the Globe and Mail:
According to the AMF, documents, computers, memory cards and other storage devices used by three unnamed Amaya employees have been seized by the AMF. The regulator also alleges some individuals improperly communicated confidential information ahead of the Montreal company’s blockbuster $4.9-billion (U.S.) takeover of the online gambling giant Pokerstars last summer. It is not clear from the document how these people are connected to Amaya. No allegations have been proven.
Amaya’s stock price more than doubled the months leading up to the announced acquisition of PokerStars. The stock price doubled against after the announcement.
The probe was initiated after two whistleblowers stepped forward.
- Aaron Goldstein, Gambling911.com
