The Baazov Brothers: Crime Without Punishment

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The rise and fall of the “king” of the gambling world. In the 2010s, David Baazov received some general attention. First as a successful young businessman who became the “king of poker” at the age of 34, then as an accused in many famous scandals.

The Bazov family emigrated from Israel to Canada in the early 1980s. The youngest of his brothers, David, showed from an early age exceptional mathematical abilities and a strong personality. At the age of 16, he announced to his parents that he would be leaving school, and as a result his family kicked him out of the house. For a few weeks he slept on a park bench. But he quickly found support and opened a computer hardware store. After a while, he settles down with his family.

In 2005, David sold the business and began developing software primarily related to games. That’s why he founded the Amaya Gaming Company. In 2010, the company’s turnover exceeded $ 6 million. During this time, David acquired a small business that developed gaming software and ancillary tools.

In 2012, Bazov made a big deal – he Buy The maker of the Cadillac Jack slot machine is $ 117 million. A year later, David took it to the next level and bought the Rational Group brand, which owned the legendary PokerStars and Full Titl. The value of the transaction was $ 4.9 billion. To pay the total, Baazov donated $ 3 billion and the rest was invested by BlackStone. At the same time, David turns out to be a good businessman and a good negotiator.

After this merger, David’s name became widely known in the gaming world. A very bold and successful deal made the fame… and caught the attention of state regulators. Some organizations (British Financial Behavior Oversight Agency, Ontario Securities Commission, Canadian Investment Industry Regulatory Authority, Wall Street Self-Regulatory Authority, Financial Industry Regulator) are similar to how small businesses look like Rational Group. I started to wonder if I had bought a giant. They started to investigate, but found that the story was not very smooth and that the behavior of the “math genius” was far from legitimate.

In 2016, a leak of documents from a Mossack Fonseca law firm sparked a Panama Papers scandal. Thanks to the information received from the document, the Financial Markets Commission (AMF) Blame David Versov A search of the offices of trading companies using inside information showed that the shares had fallen 20%. David was charged with five counts. He firmly denied all the charges and said he would prove his innocence. However, he did not succeed, “going on vacation” in early 2016, and six months later, he was fired by an Amaya manager. The company was renamed Star Group.

Another accused in the criminal case is David’s brother Josh (also known as Josh). Ofer Baazov). According to the investigation, David gave his brother inside information about Amaya’s company, and Josh disclosed this information to his partner Lebet. The latter provided it to stakeholders. This allowed the partner to win About $ 1.5 million..

Ofer and Levett are already Had a difficult past in the gaming industry: They were associated with gambling site Beton USA, which went bankrupt 10 years ago and “wiped out” at least $ 1 million in bad customer deposits. Additionally, according to various AMF reports, Baazov and Levett were linked to the operation of Oddsmaker.com.

In 2017, interesting information about the management of Amaya came out. It turns out that the real power is not in the hands of the talented David, but in the hands of his brother Josh Orfer. He and his partner, Craig Lebet, have owned 75% of the company since at least 2007. My brother has avoided publicity on charges of drug possession fraud (arrested for 90 days in 1995) and a lottery for prizes. television store. In the latter case, the court decided Ofer to pay the victim $ 777,000 in compensation. At this point, Offer began to call himself Josh. All of these facts did not fit well with the image of a strong company. Therefore, David, the “golden boy”, was always visible. The brothers agreed that no major decision would be made without Josh.

As is often the case, one criminal case raises the other. Bazov was accused of bribing the governor of New York in 2014 Illegal donation of $ 25,000 For Andrew Cuomo’s campaign. The motive for such generosity could be a bill to legalize state online casinos.

The brothers also stood out in Africa. 2017, Lion’s Heart Self Help nonprofit Blame David Versov Fraudulent donations. In 2010, the Amaya subsidiary held the M-Lotto and Kwachu 6/48 lottery tickets in Kenya. It has been announced that 25% of the profits will be donated to charity. However, representatives of Lion’s Heart Self Help never saw the money. The money accumulated in the Kenya NIC Bank deposit account was then withdrawn abroad.

Later, Bazov was also indicted in a civil trial. In 2017, another interesting story came out with the participation of Bazov. Kalani Lala, president of the investment company KBC Aldini Capital, Sued against him.. According to the complainants, David used his name and signature illegally to make a good impression and facilitate the acquisition of the business. It turns out that the US Securities and Exchange Commission questioned Bazov’s financial credibility and questioned all of his specific shareholders after launching an investigation. Karani Lara said the misuse of her name has had a serious impact on her reputation, mainly with Muslims who oppose the game and those who do.

2018 Gideon van Kessel, based in Florida Procedure He accused the Star Group of not getting paid for the work they did. According to him, he worked as a consultant and strategic advisor for four years. He was hired by former manager David Baazov to research, prepare and acquire promising online gaming related businesses. Cassel and some other employees stopped paying salaries after Quebec securities regulators became interested in Amaya Inc’s activities in 2014. Stargroup representatives declined to comment on Cassel’s allegations.

In 2018, David appeared in a Canadian court. The procedure lasted about two years, and Bazov paradoxically managed to shirk his responsibility. The prosecutor accidentally sent 320,000 confidential documents to David’s lawyer and then asked him to return them. To say the least, this case is not typical of Canadian legal proceedings. Blame the AMF Failure to present evidence in an appropriate manner complicates the defense of the accused. The judge confirmed Bazov and the proceedings were closed due to a procedural error.

Still the company and the former executives Had to pay around $ 30 million Compensation for investors affected by the disclosure of confidential information following the filing of a class action lawsuit.

As you can see, the happiness of the gaming industry is quite finicky. However, the brothers continue to be very volatile. In any case, they never leave the gaming industry. Now they are, for example, Participate in the construction of a casino In the reserved area of ​​Quebec. Over time, we’ll see if this process turns into a new scandal.

The Baazov Brothers: Crime Without Punishment Source Link The Baazov Brothers: Crime Without Punishment

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