On Monday, it was announced that the former CEO and Chairman of Amaya Gaming, David Baazov, pled not guilty to charges of insider trading, according to the Autorité des marchés financiers. The Quebec securities regulator also stated that three companies involved in the case and two associates of Baazov who were also charged have entered a not guilty plea.

Baazov was charged back in March after the AMF concluded an investigation into allegations that the former CEO had used privileged information about the company from the month of December in 2013 to June 2014. It was after the announcement of the insider trading charges that Baazov took a leave of absence from his positions within the company.

The former CEO faces five different charges filed by the AMF. Classified information was reportedly used by Baazov about the company. Baazov was accused of using information to influence or try to influence the securities market price of Amaya and that he had given that information to others.

Once the investigation was completed and the information made public, it was found that 23 charges existed in total against Baazov, Benjamin Ahdoot, Yoel Altman, Diocles Captial Inc., Sababa Consulting Inc. and 2374879 Ontario Inc. Each party listed in the case has pled not guilty.

For their part in the insider trading, Altman faces six charges and Ahdoot has four. Both are accused of allegedly trading while having privileged information about the company as well as attempting to influence the securities market price of Amaya Gaming.

When the not guilty pleas were announced by the AMF, a spokesperson also explained that penalties for the charges can include a fine per charge ranging in price from $5,000 to $5 million. Five years in prison can also be charged.