Back last summer poker legend Doyle Brunson offered $700 million for the WPT Enterprises Inc., which was twice the company’s capitalization. WPT had lit up the poker scene with its television tournaments.
The offer mysteriously disappeared as Brunson refused to provide WPT with any details. But the stock ran up to nearly $30 before that happened. Now the SEC is trying to subpoena Brunson’s Webmaster to find out what he knows about the offer being posted on doylesroom.com.
Wallace Nakano is fighting the subpoena, saying the SEC sent it to his brother’s Long Beach house, which means it wasn’t properly served, reports the Los Angeles Times.
The SEC probe is looking at whether the offer was a fake to run the stock up - a new twist on the pump-and-dump scheme.
“When WPT publicly disclosed Brunson’s refusal to provide additional details about the offer, its stock price sharply declined, costing investors tens of millions of dollars in lost market value,” the SEC said in a statement explaining its probe.

