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by Mike Caswell

The U.S. Securities and Exchange Commission has reached a $1.7-million settlement with Vince McMahon, the wrestling promoter who was the chief executive officer of World Wrestling Entertainment Inc., or WWE, for 40 years. (All figures are in U.S. dollars.) The SEC claims that Mr. McMahon failed to disclose payments that he made to five women, including one that accused him of assaulting her. According to the SEC, Mr. McMahon agreed on behalf of WWE to pay one woman $7.5-million, and made an arrangement with another to pay $3-million.

The penalties for Mr. McMahon, 78, are contained in an administrative order that the SEC released on Friday, Jan. 10. The $1.7-million includes a $400,000 fine and a $1.3-million payment to WWE. The payments represent a negotiated settlement, in which Mr. McMahon has not admitted any wrongdoing.

Mr. McMahon issued a statement on Friday in response to the SEC's order in which he acknowledged the settlement. He said that the "case is closed" and that it amounted to "minor accounting errors with regard to some personal payments that I made several years ago while I was CEO of WWE."

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