U.S. SEC securities regulators have launched a formal investigation into U.S. poker champion Doyle Brunson's unsolicited $700 million bid to buy World Poker Tour gaming entertainment group WPT Enterprises Inc.
The offer by Brunson had sent WPT's stock price soaring more than 50 percent in one day. Attorneys David Chesnoff and Chaka Henry, with Las Vegas firm Goodman & Chesnoff PC, had represented Brunson in his bid and are now being subpoenaed.
"We're confident that after the investigation it will be seen that the offer was a sincere offer and that there were no laws violated," said Brunson's attorney. The SEC is trying to find out if Brunson violated anti-fraud laws with the offer.
