Regulator accuses ex-Aston Hill executives of insider trading

Staff of the Ontario Securities Commission (OSC) on Wednesday filed a statement of allegations accusing former Aston Hill Financial Inc executives of securities law violations in connection with a leaked takeover offer in 2014 by online gambling company Amaya Inc .

The OSC staff alleged that Ben Cheng, then president of Aston Hill Financial, became aware of undisclosed "material facts" and illegally tipped company sales manager John Rothstein about Amaya's proposed bid to acquire the parent company of the online gaming operation PokerStars.

The regulator also alleged that Eric Tremblay, who was Aston Hill Financial's chief executive officer, and Frank Soave, an investment adviser at CIBC, of insider trading and making misleading statements on material matters or omitting facts when examined under oath by staff of the OSC.

The Office of the Secretary has scheduled the court hearing for May 4. (http://bit.ly/2oubO1b)

In 2014, Montreal-based Amaya closed the $4.9 billion takeover of Oldford Group, operator of online gambling website PokerStars.

(Reporting by Divya Grover in Bengaluru; Editing by Leslie Adler)