Vince McMahon issues statement after being penalized by SEC over hush money charges amid ongoing Janel Grant lawsuit
The former CEO and Chairman of WWE, Vince McMahon, is subject to a penalty of $1.7 million over charges of hush money cover-up.
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Vince McMahon settles with SEC [via- Cageside Seats]
As of Friday, Vince McMahon has agreed on terms with the SEC. The US govt. federal agency has ordered the 79-year-old business magnate to pay $400k as a civil penalty and $1.3 million as reimbursement charges to WWE. That will put an end to the three-year-long probe into McMahon’s alleged hush money payouts he made while being the CEO of WWE.
Reacting to it, McMahon took to X. He deemed the investigation of numerous governmental agencies as misguided and misleading. The SEC had accused Vince of failing to provide details of transactions he did in 2018 and 2021. The former was worth $3 million, while the latter amounted to $7.5 million, ballooning the total to $10.5 million.
As a result, WWE boasted of an inflated net income in the mentioned years by 8% and 1.7%, respectively. Addressing that, Vince said it was nothing more than a minor accounting error. The SEC also noted that Mr. McMahon hasn’t admitted or denied any of its findings against him. And for those who are wondering what this does to the Janel Grant lawsuit against McMahon, it’s still ongoing.
Instead, Grant’s attorney, Ann Callis, in a new statement, has declared Ms. Grant’s intentions of adding new evidence to her civil case against McMahon and WWE. Callis affirmed that the SEC’s charges against McMahon prove that the ill-famed executive has violated the law not once but twice in the two hush-money payments he made.
The attorney continued by saying that her client was coerced into signing the NDA by Vince. The suit was resumed in December after a pause of six months upon the behest of the DOJ. Grant’s complaint will now be heard by a new judge following a recent transfer of order.
What’s the latest update on Vince McMahon’s ambitious entertainment company?
Back in October, PWInsider broke the news about Vince McMahon venturing into the TV and film-making business. He’s currently working on establishing a brand-new entertainment hub company. In a major upheaval in that direction, Vinnie Mac has already bought property.
Furthermore, he’s setting up a roster, per Conrad Thompson via the ‘Grilling JR’ podcast. The new studio that he supposedly owns is likely going to be the base of his firm. Former WWE execs, including Brad Blum and Kristen Prouty, are assisting the erstwhile WWE Chairman in setting things up.
Vince doesn’t plan on competing with WWE as some had initially chatted. He was ousted from the company and from his holding in TKO in January 2024. It was days after Janel Grant accused him of sex*al misconduct and human trafficking.
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