The Securities and Exchange Commission says that it has settled charges against former WWE CEO Vince McMahon over his failure to disclose to the sports entertainment company’s board and others that he signed two settlement agreements worth $10.5 million with two women in order for them not to reveal potential claims against himself and WWE.
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The commission said that by McMahon not disclosing the agreements to WWE’s board, legal department, accountants, financial reporting personnel, or auditor, it circumvented WWE’s system of internal accounting controls and caused material misstatements in the company’s 2018 and 2021 financial statements.
Once WWE learned of the settlement agreements, it issued a restatement of its financial statements in August 2022.
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