The CEO of Montreal online gaming company Amaya has been charged after an investigation into insider trading by the Autorité des marchés financiers (AMF), Quebec’s stock market watchdog.

David Baazov faces five charges, including influencing or attempting to influence the market price of the securities of Amaya and communicating privileged information.

“These allegations are false and I intend to vigorously contest these accusations,” Baazov said in a statement Wednesday.

“While I am deeply disappointed with the AMF decision, I am highly confident I will be found innocent of all charges.”

He was charged as part of an investigation by the AMF that resulted in 23 charges against three people, including Baazov, and three companies: Diocles Capital inc., Sababa Consulting inc. and 2374879 Ontario inc.

The AMF also announced it executed search warrants and obtained court orders to stop the activities of 13 additional people who traded in different securities while in possession of privileged information.

The 13 people are alleged to have used their access to information to reap nearly $1.5 million in profit over five years starting in 2011, the AMF said. It specifically mentions information about potential mergers and acquisitions involving Amaya Inc. (TSX:AYA).

Amaya said it doesn’t expect the charges to have any impact on the management or daily operation of its business, which includes the PokerStars and Full Tilt online gambling websites.

“David Baazov has the full support of the independent members of the board,” said Dave Gadhia, Amaya’s lead director and an member of the board, in a news release.

A trading halt on Amaya shares was issued before the Toronto Stock Exchange opened Wednesday. Amaya shares closed on Tuesday at $18.57, giving it a market value of nearly $2.5 billion.

After trading resumed, Amaya’s stock fell by 22%, falling to $14.43 at about 10 a.m. ET, amounting to a loss of more than $500 million in value.

Suspicions about trading of Amaya shares have been swirling for months, fuelled in part by the company’s confirmation in December 2014 that it was under investigation by the AMF. However, the agency said at the time it wouldn’t comment.

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