April 12 Staff of the Ontario Securities
Commission (OSC) on Wednesday filed a statement of allegations
accusing former Aston Hill Financial Inc executives of
securities law violations in connection with a leaked takeover
offer in 2014 by online gambling company Amaya Inc.
The OSC staff alleged that Ben Cheng, then president of
Aston Hill Financial, became aware of undisclosed "material
facts" and illegally tipped company sales manager John Rothstein
about Amaya's proposed bid to acquire the parent company of the
online gaming operation PokerStars.
The regulator also alleged that Eric Tremblay, who was Aston
Hill Financial's chief executive officer, and Frank Soave, an
investment adviser at CIBC, of insider trading and making
misleading statements on material matters or omitting facts when
examined under oath by staff of the OSC.
The Office of the Secretary has scheduled the court hearing
for May 4. (bit.ly/2oubO1b)
In 2014, Montreal-based Amaya closed the $4.9 billion
takeover of Oldford Group, operator of online gambling website
(Reporting by Divya Grover in Bengaluru; Editing by Leslie