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Poker Scandal - Doyle Brunson Under Investigation By The SEC
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The LA Times is reporting that US securities investigators announced on Friday that Doyle Brunson was officially under investigation for the possible violation of anti-fraud laws. In July, Doyle Brunson made an unsolicited offer to buy the World Poker Tour for an astronomical $700 million, nearly double the company's market value at the time. When word of the offer was "leaked" to the public WPT shares skyrocketed more than 50%, reaching an intraday high of $29.50.
The price then dropped just as fast when WPT announced that they were unable to reach Doyle's company or attorneys to confirm the offer. It then became clear that Brunson was not going to buy the World Poker Tour at any price. The share is now trading at $6.23!
It is interesting to note that the World Poker Tour's CEO and driving force is none other than Lyle Berman, who happens to be one of Doyle Brunson's closest friends. In fact, Berman wrote an excellent chapter for the second version of Super System, and frequently joins Brunson to play in the Big Game at the Bellagio.
Was the offer genuine? If not, Doyle Brunson's company could be in hot water with US authorities, as the bid artificially inflated the stock, just long enough for certain parties to make a killing. We'll find out exactly what cards Texas Dolly is holding, in what could well turn out to be the biggest gamble he's ever been involved in...
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