Did Doyle Violate SEC Anti-Fraud Laws?
During the WSOP in July, Wicked Chops Poker reported on a Doyle Brunson-led $700 million cash bid to acquire World Poker Tour Enterprises (Nasdaq: WPTE). As news of the bid became public, WPTE stock soared nearly 50%. Days later, when Doyle’s bid expired, the stock sank. Now, the Securities and Exchange Commission is launching an investigation as to whether the publication of Doyle’s unsolicited bid violated its anti-fraud laws.
Doyle was asked about the WPTE bid in an ESPN chat, which he replied: "Can’t talk about that, not right now." (now we know WHY…)
Doyle has also invoked the Fifth Amendment by declining to testify in the investigation.
It would be hard to believe such a class act as Doyle knowingly engaged in anything illegal in his WPT bid, but Wicked Chops Poker will keep you posted as the story unfolds…