Friday, 14 February 2014 01:11
Shane McMahon, the CEO of YOU on Demand, was mentioned in a story about a fraudulent deal that was in place to purchase Maxim Magazine.
A story in the New York Post noted that convicted stock swindler Calvin Darden Jr., who had put together an offer to buy the magazine, had been arrested on Wednesday on charges he had duped investors in raising money for the purchase.
Darden Jr., according to the story, duped investors into believing his wealthy father was going to buy the magazine. Darden Jr. made an offer of nearly $30 million for the magazine. On Thursday, U.S. Attorney Prret Bharara said Darden had defrauated victims out of $8 million and was attempting to defraud McMahon out of $20 million that would be used to purchase the magazine.
The sale fell through when Darden Jr. has missed several deadlines to come up with the cash to purchase the magazine. Even before Darden Jr.'s arrest, the Maxim publishers, who are looking to get out, had dropped Darden media as a potential buyer after the missed deadlines for the cash. .