Shane McMahon comes close to losing $20 million in fraudulent deal
Shane McMahon, the former WWE Executive Vice President of Global Media, should thank his lucky stars as he just saved $20 million of his own money after a fraudulent deal was uncovered.
McMahon was part of an investor group led by former Wall Street stockbroker Calvin Darden Jr that were going to purchase the popular Maxim Magaine. Darden – who was already convicted of a fraud scheme back in 2005 and spent time in prison – received $8 million for the acquisition from other investors according to Bloomberg and was trying to get $20 million out of McMahon.
Darden didn’t get the necessary cash in time and missed several deadlines to purchase Maxim and eventually the deal – which was never going to happen – fell through.
Eventually Darden surrendered to federal authorities on February 12 after federal agents went on a manhunt to snatch him. Prosecutors say that Darden fabricated paperwork and impersonated lenders and lied to investors in the scheme to take over Maxim Magazine.
Shane McMahon currently occupies the position of Chairman of YOU On Demand.