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Vince McMahon sexual assault lawsuit - John Laurinaitis and WWE named as defendants
- Thread starter John Price
- Start date
Voight
#winning
JianYang
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Bros per 60 were through the roof.... I think mushnik even told him to stop calling him bro lol
DaaaaB's
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I've never seen so many morons in one video. Maven and Coach are the only ones with brains in their heads.
sabremike
SAVE OUR SABRES: PEGULA OUT!!!!!!!!
I'd say the only non moron was the guy who has been completely and totally vindicated by everything that has come out in the past few months.
DaaaaB's
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If you're referring to Mushnick, I don't disagree with him on Vince but he's still an absolute immature jackass who refuses to say anything positive about the industry and won't admit it changed after the 90's. The man is incapable of having a civilized conversation.
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BostonBob
4 Ever The Greatest
Vince McMahon settled his case with the SEC on Thursday. He certainly got off pretty easy as he agreed to pay a $400,000 civil penalty plus he has to reimburse the WWE $1.33 million after consenting to an order finding that he violated the Securities Exchange Act.
The SEC issued the follwing statement:
The Securities and Exchange Commission today announced settled charges against Vince McMahon, the former Executive Chairman and CEO of World Wrestling Entertainment Inc., for signing two settlement agreements, one in 2019 and one in 2022, on behalf of himself and WWE without disclosing the agreements to WWE’s Board of Directors, legal department, accountants, financial reporting personnel, or auditor. Doing so circumvented WWE’s system of internal accounting controls and caused material misstatements in WWE’s 2018 and 2021 financial statements.
According to the SEC’s order, one settlement agreement obligated McMahon to pay a former employee $3 million in exchange for the former employee’s agreement to not disclose her relationship with McMahon and her release of potential claims against WWE and McMahon, and the second agreement obligated McMahon to pay a former WWE independent contractor $7.5 million in exchange for the independent contractor’s agreement to not disclose her allegations against McMahon and her release of potential claims against WWE and McMahon. The order finds that, because McMahon failed to disclose the agreements to WWE, WWE did not evaluate the disclosure implications or the appropriate accounting for these transactions in its financial statements. The SEC’s order finds that, because the payments required by the 2019 and 2022 agreements were not recorded, WWE overstated its 2018 net income by approximately 8 percent and its 2021 net income by approximately 1.7 percent. In addition, according to the order, these payments should have been disclosed as related party transactions.
The order further finds that McMahon signed management representation letters that were provided to WWE’s auditor that did not disclose the existence of either settlement agreement. After learning of the settlement agreements, WWE issued a restatement of its financial statements in August 2022.
“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,” said Thomas P. Smith Jr., Associate Regional Director in the New York Regional Office.
McMahon consented to the entry of the SEC’s order finding that he violated the Securities Exchange Act by knowingly circumventing WWE’s internal accounting controls and that he directly or indirectly made or caused to be made false or misleading statements to WWE’s auditor. The order also finds that McMahon caused WWE’s violations of the reporting and books and records provisions of the Exchange Act. Without admitting or denying the SEC’s findings, McMahon agreed to cease-and-desist from violating those provisions, pay a $400,000 civil penalty, and reimburse WWE $1,330,915.90 pursuant to Section 304(a) of the Sarbanes-Oxley Act.
The SEC’s investigation was conducted by Peter Pizzani, Mala Bartucci, Kenneth Gottlieb, Diego Brucculeri, Travis Hill, Liora Sukhatme, and Alison Conn and was supervised by Mr. Smith, all of the New York Regional Office, and had assistance from Chyhe K. Becker and Tyler Remick of the Division of Economic and Risk Analysis.
The SEC issued the follwing statement:
The Securities and Exchange Commission today announced settled charges against Vince McMahon, the former Executive Chairman and CEO of World Wrestling Entertainment Inc., for signing two settlement agreements, one in 2019 and one in 2022, on behalf of himself and WWE without disclosing the agreements to WWE’s Board of Directors, legal department, accountants, financial reporting personnel, or auditor. Doing so circumvented WWE’s system of internal accounting controls and caused material misstatements in WWE’s 2018 and 2021 financial statements.
According to the SEC’s order, one settlement agreement obligated McMahon to pay a former employee $3 million in exchange for the former employee’s agreement to not disclose her relationship with McMahon and her release of potential claims against WWE and McMahon, and the second agreement obligated McMahon to pay a former WWE independent contractor $7.5 million in exchange for the independent contractor’s agreement to not disclose her allegations against McMahon and her release of potential claims against WWE and McMahon. The order finds that, because McMahon failed to disclose the agreements to WWE, WWE did not evaluate the disclosure implications or the appropriate accounting for these transactions in its financial statements. The SEC’s order finds that, because the payments required by the 2019 and 2022 agreements were not recorded, WWE overstated its 2018 net income by approximately 8 percent and its 2021 net income by approximately 1.7 percent. In addition, according to the order, these payments should have been disclosed as related party transactions.
The order further finds that McMahon signed management representation letters that were provided to WWE’s auditor that did not disclose the existence of either settlement agreement. After learning of the settlement agreements, WWE issued a restatement of its financial statements in August 2022.
“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,” said Thomas P. Smith Jr., Associate Regional Director in the New York Regional Office.
McMahon consented to the entry of the SEC’s order finding that he violated the Securities Exchange Act by knowingly circumventing WWE’s internal accounting controls and that he directly or indirectly made or caused to be made false or misleading statements to WWE’s auditor. The order also finds that McMahon caused WWE’s violations of the reporting and books and records provisions of the Exchange Act. Without admitting or denying the SEC’s findings, McMahon agreed to cease-and-desist from violating those provisions, pay a $400,000 civil penalty, and reimburse WWE $1,330,915.90 pursuant to Section 304(a) of the Sarbanes-Oxley Act.
The SEC’s investigation was conducted by Peter Pizzani, Mala Bartucci, Kenneth Gottlieb, Diego Brucculeri, Travis Hill, Liora Sukhatme, and Alison Conn and was supervised by Mr. Smith, all of the New York Regional Office, and had assistance from Chyhe K. Becker and Tyler Remick of the Division of Economic and Risk Analysis.
BostonBob
4 Ever The Greatest
And of course Vince just doesn't know when to STFU and issued his own statement on Thursday:
“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.
“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.”
Which led to this statement from Ann Callis who is the attorney for Janel Grant:
During his time leading WWE, Vince McMahon acted as if rules did not apply to him, and now we have confirmation that he repeatedly broke the law to cover up his horrifying behavior, including human trafficking. The SEC’s charges prove that the NDA Vince McMahon coerced Ms. Grant into signing violates the law, and therefore her case must be heard in court. While prosecutors for the Southern District of New York continue their criminal investigation, we look forward to bringing forward new evidence in our civil case about the sexual exploitation Ms. Grant endured at WWE by Vince McMahon and John Laurinaitis.
“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.
“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.”
Which led to this statement from Ann Callis who is the attorney for Janel Grant:
During his time leading WWE, Vince McMahon acted as if rules did not apply to him, and now we have confirmation that he repeatedly broke the law to cover up his horrifying behavior, including human trafficking. The SEC’s charges prove that the NDA Vince McMahon coerced Ms. Grant into signing violates the law, and therefore her case must be heard in court. While prosecutors for the Southern District of New York continue their criminal investigation, we look forward to bringing forward new evidence in our civil case about the sexual exploitation Ms. Grant endured at WWE by Vince McMahon and John Laurinaitis.
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