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Doyles Room Feeling The Heat From The SEC
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Did Doyle Brunson give his long-time pal and poker crony Lyle Berman an illegal helping hand last year? Brunson's much-ballyhooed offer to buy the World Poker Tour for more than twice it's market value sent the stock up 66% on the day, but was that offer genuine? The SEC clearly doesn't think so.
The SEC used to be a pushover for corporate fun and games but in the wake of Enron they're a tougher proposition, and Doyle's Room is feeling the heat. The operator of the company, Wallace Nakano, has now been subpoenaed twice and ordered to testify about what he knows. He's refused twice and isn't budging so far.
It is interesting to note that Lyle Berman, who owns the WPT, is an old friend of Doyle's and that both men come from a different era where outsmarting a man was never considered a crime. So, driving up stock on the back of false reports that you plan to buy a company for $700 million when it ain't worth half that would just be considered nifty thinking. We're not suggesting that's what happened, far from it, but on paper it all looks mighty suspect.
This is unlikely to have an immediate impact upon those of us who play at Doylesroom.com, which is part of a very solid poker network, and remains a good room in its own right. But Doyle the man might feel a little uncomfortable before all of this blows over. The SEC does love to take down celebrities for this kind of thing: Martha's Poker anyone?
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