Request for stay made at insider-trading trial

MONTREAL • Even before the first witnesses could be heard at a rare insider trading case that involves former Amaya chief executive David Baazov and others, lawyers representing the accused at- tempted Monday to have the charges stayed.

Baazov, 37, has pleaded not guilty to securities- related charges following an investigation by Quebec’s Autorité des marchés financiers into the allegations of insider trading. He is charged with five counts, including influ- encing or attempting to influence the market price of Amaya’s securities.

Two other people, Yoel Altman and Benjamin Ahdoot, and three companies 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 alleged privileged i nformation i nvolves acquisitions that include the US$4.9-billion deal for PokerStars in 2014 that transformed the former Montreal company into the world’s lar- gest online poker company.

At the heart of Monday’s stay request was the late disclosure of evidence the defence argued has put it at a disadvantage. Lawyers representing the stock regulator called the defence request a “fishing expedition.”

Magdalini Vassil i kos argued a stay is not the proper remedy and adjourning the trial for a period would be enough for the defence to consult the evidence.

Baazov’s lawyer, Sophie Melchers, noted that 16 million files were released to the defence in mid- September and that the case won’t be able to proceed in a timely fashion.

After hearing both sides, Quebec court Judge Salvatore Mascia agreed to hear from witnesses later Monday. The documents were divulged quite late in the process, Mascia noted.

“I’m not able to comment on the chances of success of the motion presented by the petitioners but, at face value, I’m not able to say it’s frivolous,” Mascia said.