David Baazov's Lawyer Has AMF on the Ropes

At his administrative tribunal in Montreal last week, David Baazov's lawyer argued that the securities case against her client was based on speculation and that any evidence was "purely circumstantial".

Baazov himself wasn't present at the tribunal at which he strenously denies the five counts of securities fraud the Canadian financial regulatrory body, the Autorité des Marchés Financiers (AMF) have levied against him. The fraud relates to the alleged sharing of privileged information between Baazov and a group of close friends and family which resulted in profits from illegal stock market trading, as well as receiving 'kickbacks' for information sharing.

Baazov's brief, Sophie Melchers, seems to be doing a good job for her client and had some cross examination success, forcing an AMF agent to admit that the case against her client was purely circumstantial. Accorinding to a recent report at cardschat.com, "She [Melchers] noted that the AMF has phone records that show certain individuals telephoned one another at key times, but it doesn’t know exactly what was said during those phone calls", and that, "The agency has also based much of its evidence on partial e-mail messages.

Speaking at the tribunal Melchers attacked the AMF saying, “Without knowing if these people actually spoke to each other, without knowing what they said to each other, the AMF built a theory stipulating that these individuals should have been in the possession of privileged information when they made their trades. And the AMF speculates, it supposes, that the information these people supposedly had came from David Baazov.”

Melchers also claimed that the AMF have failed to provide a single shred of evidence that Baazov received any of the kickbacks he is accused of receiving in exchange for sharing privileged information.

Melchers has asked the tribunal to unfreeze the bank accounts of 13 people accused of involvement in the alleged securities fraud, since there was “no direct evidence of privileged information being shared by Mr. Baazov.”

 

 

 

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