In an ongoing investigation of poker legend Doyle Brunson and his poker-related business ventures, specifically the goings-on surrounding his online poker room, the Securities and Exchange Commission (SEC) has placed Wallace Nakano under subpoena. Nakano, the DoylesRoom.com online poker operator, is alleged to have a connection to takeover activities involving the poker site's namesake, Doyle Brunson, and the World Poker Tour (WPT).
Last July, a $700 million takeover bid was presented to the WPT by poker's elder statesman, Brunson, along with a group of anonymous investors. The bid caused WPT stock to jump an astounding 66% in one day. The public bid expired without being taken up by the WPT, and, since then, interest in the stock has waned. These occurrences aroused the suspicions of the SEC, which has been investigating Brunson and his poker pursuits since December. Nakano;s subpoena is just the latest in a series of tactics the SEC is using to further its investigation.
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