Doyle is clearly the target of the investigation. Read the SEC release here. The SEC is trying to use the crime-fraud exception to pierce the attorney client privilege, which means that they are arguing to the judge that the law firm was in a criminal and/or fraudulent conspiracy with Doyle to violate the securities laws. Bottom line: SEC has already subpoenaed all trading records in equity and options for WPTE for probably 6 months prior to the tender offer, and they will track down every single sizeable purchase or sale in the ticker. Each of the individuals involved with these trades will be subpoenaed to testify as to whether they had any connection to Doyle. Some may be offered immunity deals to tesify against Doyle. If there was any improper trading in WPTE, it will be discovered. If Doyle was involved, he is going to prison.