Vince McMahon paid $5 million of around $20 million previously unrecorded expenses to Donald Trump’s foundation in 2007 and 2009, WSJ reported.
Securities and Exchange Commission and federal prosecutors launched probes into the $14.6 million in paymentsThe $5 million in contribution payments should have been cataloged as business expenses, because McMahon was a principal shareholder and the payments benefited the company, an attorney for WWE told WSJ.
The first of the two appearances resulted in a $1 million fee for Trump and a personal contribution from the McMahons of $4 million to his foundation. For his second appearance, Trump was paid $100,000 and McMahon and his wife, Linda, donated $1 million to the foundation. While the $5 million was listed on the foundation tax returns as coming directly from WWE, the company said in its security filings this month that the payments came directly from McMahon personally.
Vince McMahon is still the top shareholder in WWE despite having left the company. His daughter, Stephanie McMahon, is now working as co-CEO, along with executive Nick Khan. Linda McMahon served as Small Business Administration chief in Trump's Cabinet. Trump, who hosted two Wrestlemania events in Atlantic City in the 1980s, is enshrined in the WWE's Hall of Fame.
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