I’m not sure if I should laugh or cry, but the Financial Post is reporting today that a leading member of the Hell’s Angels bought $10,000 of Amaya Gaming shares leading up to their announcement of a deal to acquire PokerStarts. Is this a joke? $10,000 is a small amount of money, and so this person made a few thousand dollars because Amaya Gaming is a great company, this isn’t something that regulators should be focusing on. How much resources have regulators and the RCMP spent investigating this? It’s been months since these insider trading rumours have been plaguing Amaya and there is no evidence that Amaya is in any way involved in insider trading. Government agencies seem to be determined to find something. Is there any law that limits the time and resources securities regulators can spend investigating something before they must actually show some progress or at least share their findings with public markets?
As an Amaya shareholder, it’s getting on my nerves that these regulators can continue a secret investigation for an undetermined amount of time without showing any clear reason for their actions. This is another example of overzealous regulators and an unfair business environment.