The Ontario Securities Commission has accused fund manager Ben Cheng and three other Bay Street players of securities-law violations in connection with a leaked takeover offer in 2014 by online gambling company Amaya Inc.
The OSC alleges that Mr. Cheng, who was president of Aston Hill Financial Inc. at the time, illegaly tipped an Aston Hill sales manager, John David Rothstein, about Amaya’s $4.9-billion (U.S.) takeover of the parent company of online gambling operation PokerStars and encouraged him to share the information with others. The OSC action also named Eric Tremblay, then chief executive officer of Aston Hill, and Frank Soave, who was an investment advisor at CIBC.
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