WWE Agent Admits Fraud
A former World Wrestling Entertainment licensing agent admitted January 12th in a Connecticut court to participating in a $1 million kickback scheme over a four-year period.
Stanley Shenker pleaded guilty in U.S. District Court to conspiring to defraud the WWE by paying kickbacks to a company insider. He faces up to five years in prison and up to $4 million in fines when he is scheduled for sentencing April 12th.
The former agent said he worked out a deal with then-WWE Senior VP of Licensing and Merchandise Jim Bell, who would steer business to Shenker in exchange for kickbacks. Shenker then dummied his invoices to make it look like Bell was paid as a consultant.
From 1998 to 2002, Shenker paid Bell about $950,000 and deducted those payments on his tax returns as business expenses.
Bell pleaded guilty in 2005 to a related charge and is awaiting sentencing.