The Securities and Exchange Commission announced that World Wrestling Entertainment co-founder Vince McMahon will pay over $1.7 million for failing to disclose payment agreements related to sexual assault charges. McMahon admitted no wrongdoing but agreed to a settlement that included a $400,000 civil penalty and reimbursing WWE approximately $1,331,000. The SEC accused McMahon of circumventing internal accounting controls and causing misstatements in financial statements for 2018 and 2021. McMahon stated that the case stemmed from minor accounting errors in personal payments he made while CEO of WWE. The SEC alleged that McMahon failed to disclose a $3 million payment to a former employee and a $7.5 million payment to a female contractor in exchange for not filing claims against him. This led to an overstatement of WWE’s net income in 2018 and 2021. McMahon has faced other allegations of sexual misconduct in the past, including accusations of sex trafficking and abuse by a former employee. In response to these allegations, McMahon stepped down from executive roles within WWE and its parent company. The settlement with the SEC comes as McMahon’s wife, Linda McMahon, prepares for Senate confirmation hearings to become education secretary in President-elect Donald Trump’s Cabinet.
Photo credit
www.nbcnews.com
Vince McMahon reaches agreement with SEC, agrees to pay over $1.7 million for hush money settlements
