Vince McMahon, co-founder of World Wrestling Entertainment (WWE), settlement On Friday, he filed charges with the Securities and Exchange Commission (SEC) for failing to disclose two payments made on behalf of himself and the company.
The former WWE CEO was accused of paying hush money to two people in 2019 and 2022 to prevent them from filing formal lawsuits in court.
According to the SEC's order, one settlement agreement obligates McMahon to pay a former employee $3 million in exchange for his silence about his continued relationship with McMahon, and the other settlement agreement obligates McMahon to pay a former employee $3 million to a former WWE employee. It was obligated to pay independent contractors $7.5 million in exchange for independent contractor agreements. Not disclosing her allegations against McMahon and the release of potential allegations against WWE.
With the two payments, WWE overstated its 2018 net income by approximately 8 percent and its 2021 net income by approximately 1.7 percent.
“Corporate executives enter into important contracts on behalf of the companies they serve and share that information with corporate management and auditors,” Thomas P. Smith Jr., deputy regional director of the New York office, said in a statement. It cannot be withheld.”
among them releasethe SEC said McMahon neither admitted nor denied guilt, but agreed to pay a $400,000 civil penalty and repay WWE $1,330,915.90.
“At the end of the day, it was nothing more than a minor accounting error regarding a personal payment I made several years ago when I was CEO of WWE. I'm excited to now be able to put all that behind me. McMahon said, ×.
WWE and McMahon did not immediately respond to The Hill's requests for comment.
Mr. McMahon's wife, Linda, was recently named in a lawsuit alleging that the company allowed ringside announcers to sexually abuse young boys for years. They both denied those claims.
Linda is currently leading President-elect Trump's transition team and has been nominated to serve as Secretary of Education for a second term.
