SEC investigating Doyle Brunson

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http://today.reuters.com/news/newsArticleSearch.aspx?storyID=210965+16-Dec-2005+RTRS&srch=poker

WASHINGTON (Reuters) - U.S. securities regulators said on Friday they are formally investigating U.S. poker champion Doyle Brunson's unsolicited $700 million offer in July to buy gaming entertainment group WPT Enterprises Inc. (WPTE.O: Quote, Profile, Research)
News of the unsolicited bid, which was nearly double the company's market value, sent WPT's stock price soaring more than 50 percent in one day to an intraday high of $29.50 per share.
The price then rapidly fell after the company said it was not able to reach Brunson or his attorneys for further information on the bid, according to the U.S. Securities and Exchange Commission. The offer later expired.
WPT, which owns the popular World Poker Tour television show, was trading at $6.14 per share during morning trading on the Nasdaq on Friday.
The SEC also said on Friday that it filed an action in Fort Worth federal district court to enforce subpoenas issued to attorneys David Chesnoff and Chaka Henry, whose Las Vegas firm Goodman & Chesnoff PC represented Brunson in his unsolicited offer.
Soon after delivering Brunson's offer, the firm withdrew from the matter.
Chesnoff said he did not have a comment, and a call to Henry was not immediately returned. Brunson and a spokeswoman for WPT could not immediately be reached for comment.
The SEC said it is investigating whether Brunson's offer and its publication violated anti-fraud laws.
Brunson, who is one of the best-known professional poker players in the United States, has invoked his Fifth Amendment right against self-incrimination and declined to testify in the investigation, the SEC said.
The agency said Brunson directed the two attorneys to withhold certain documents and not to testify on critical aspects of the offer, under the attorney-client privilege and work product doctrine.
The SEC's subpoena enforcement action seeks to compel Chesnoff and Henry to testify and provide the requested documents.
 

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Doyle Brunson has 700 million dollars?

Why do I doubt that...

Looks like he is in a world of hurt. He was probably a stockholder at the time of the "offer", even worse if he sold the stock after his "offer" then he is in serious trouble. On the bright side, he should be able to kill in prison poker games.
 

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Just another "pump and dumb" on the stock exchange. Shoot he might not have even known about the offer....cough cough! Playing the stock market is just like gambling, but they getcha buying in and selling out. Nice work ifn ya can get it !

Doyle probably has access to that type of change through Las Vegas connections down through the years.
 

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He's got his own poker program, books, etc. He has a cash flow. It's obvious.Chris
 

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