Former WWE CEO Vince McMahon reached a deal with The Securities and Exchange Commission in his infamous hush-money case.
McMahon was under fire for undisclosed payments to an employee and an independent contractor with whom he allegedly had relationships. He has agreed to issue a $1.7 million settlement to put the matter to rest, according to TMZ.
“The case is closed. 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,” McMahon said in a statement shared on X Jan. 10.
LOS ANGELES, CA – JUNE 03: WWE Chairman Vince McMahon attends the Press Conference about the $1 million giving away by the WWE Chairman Vince McMahon at the Staples Center on June 3, 2008 in Los Angeles, California. (Photo by Valerie Macon/Getty Images)
The Securities and Exchange Commission said Friday it found McMahon paid two individuals significant amounts of money to buy their silence amid allegations against him and the WWE. They said he paid a former employee $3 million in 2019 and issued a payment of $7.5 million to an ex-independent contractor in 2022. The SEC further alleged that McMahon failed to disclose the agreements to the WWE’s Board of Directors, which was deemed a violation, according to TMZ.
“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 Office exec Thomas P. Smith Jr. said.
The SEC said McMahon agreed to reimburse the WWE $1,330,915.90 and pay a fine of $400,000, according to TMZ.
McMahon did not confirm or deny the SEC’s findings.
NEW YORK – MARCH 11: WWE Chairman Vince McMahon attends a press conference to promote Wrestlemania XX at Planet Hollywood March 11, 2004 in New York City. (Photo by Peter Kramer/Getty Images)
“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,” McMahon wrote to X.
The investigation into the allegations against McMahon began in 2022 and triggered his resignation from his prominent role in the WWE. (RELATED: Vince McMahon’s Sexual Harassment And Trafficking Lawsuit Just Took An Unexpected Twist)
He later returned to the organization only to face a sexual assault lawsuit by a former WWE staffer. He resigned as the Executive Chairman of TKO, owner of WWE.
This article was originally published at dailycaller.com
