Vince McMahon simply reached a take care of the feds in his hush cash case … with the previous WWE honcho agreeing to fork over $1.7 million to place the matter in his rearview mirror.
The Securities and Alternate Fee stated Friday it discovered McMahon paid a former worker $3 million in 2019 and an ex-independent contractor $7.5 million in 2022 to purchase their silence when it got here to allegations in opposition to him and his firm, the WWE.
The SEC, although, says McMahon by no means correctly disclosed the agreements to the WWE’s Board of Administrators and different officers on the wrestling org. — an enormous no-no that resulted in violations.
“Company executives cannot enter into material agreements on behalf of the company they serve and withhold that information from the company’s control functions and auditor,” New York Regional Workplace exec Thomas P. Smith Jr. stated.
To be able to make issues proper, the SEC says McMahon agreed to pay a $400,000 fantastic … in addition to reimburse the WWE $1,330,915.90.
It needs to be famous the feds stated McMahon didn’t admit or deny their findings.
McMahon stated in an announcement on X on Friday morning he was “thrilled” with the decision.
“The case is closed,” he wrote. “Today ends nearly three years of investigation by different governmental agencies. There has been a great deal of speculation about what exactly the government was investigating and what the outcome would be.”
“As today’s resolution shows, much of that speculation was misguided and misleading. In the end, there was never anything more to this than minor accounting errors with regard to some personal payments that I made several years ago while I was CEO of WWE. I’m thrilled that I can now put all this behind me.”
The Wall Road Journal first reported McMahon was underneath investigation over alleged hush cash funds again in 2022 … and the fallout from all of it resulted within the 79-year-old stepping down from his position within the WWE.
He later returned … however following an explosive sexual assault lawsuit that was filed by a former WWE staffer, he resigned because the Govt Chairman of TKO, the corporate that owns WWE.
