Former WWE CEO Vince McMahon is reportedly under federal investigation for alleged "hush money" payments
Latest reports regarding a federal investigation into former WWE CEO Vince McMahon's "hush money" payments have now come to the fore.
He was previously under investigation by the promotion's Board of Directors after reports of him paying off former female employees emerged. McMahon recently retired from the company, with Stephanie McMahon and Nick Khan being named Co-CEOs. Triple H also took over creative responsibilities for WWE as well as being the Executive Vice President of Talent Relations.
The Wall Street Journal released a new report today that provided details as to why McMahon chose to retire so abruptly. The report states that the Securities and Exchange Commission and federal prosecutors have launched inquiries into the payments made by the former WWE CEO.
The report also states that his retirement was "hasted" by the federal investigation into the "hush money scandal." The report also noted that McMahon's behavior could put the company's relationship with advertisers and networks at risk.
The Wall Street Journal reached out to spokespeople for McMahon but did not receive a response.
New investigations by the SEC and federal prosecutors into hush-money payments made by WWE’s Vince McMahon to settle allegations of sexual misconduct hastened his retirement as chief executive, according to people familiar with the matter on.wsj.com/3z6RplH
WWE revises its financial earnings following the allegations against Vince McMahon
The promotion reportedly disclosed approximately $14.6 million in payments made by the 76-year-old during his time as WWE Chairman and CEO.
In an SEC filing today, WWE stated that the payments made by the former CEO during the 2006-2022 period should have been recorded as company expenses. The SEC filing earlier also hinted that other organizations are looking into the misconduct claims against him.
"The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”
It remains to be seen what the future holds for the former CEO of WWE and what the reported investigations will reveal.
What do you make of Vince McMahon's departure from the promotion? Let us know in the comments section below.