U.S. poker pro Doyle Brunson is being investigated by the Securities and Exchange Commission regarding his offer to acquire WTP Enterprises Inc. WTP Enterprises Inc., is a gaming entertainment group, owner of World Poker Tour TV show. Brunson offered 700 million dollars to buy the gaming group. The bid actually doubles the companys value and it made its stock price increase over 50 percent, although it fell after WTP could not reach Brunson to obtain more information about the bid, which later expired.
The Securities and Exchange Commission (SEC) reported that the Commission filed an action in Fort Worth federal district court that was issued to the firm and attorneys that represent Brunson in this unsolicited bid. Brunsons lawyers insist in the legality of the offer, which did not break any anti-fraud laws, and they said they hope the investigation will clarify it all. In his turn, the financial officer for WPT Todd Steele, said that his company will cooperate with the investigation.
Brunson is a widely known poker player and he has declined to testify in the investigation by invoking the Fifth Amendment.
