Key facts
- Forbes has suspended its wealth advisor rankings.
- The publication is investigating a $6 million payment made to its former Chief Content Officer, Randall Lane.
- The payment was reportedly from RJ Shook, founder of Shook Research, which partners with Forbes on advisor rankings.
- Lane admitted to not disclosing the payment, calling it a 'gift' and a serious error in judgment.
- Forbes has canceled an upcoming summit in Las Vegas.
- Lane was fired in July following the discovery of the payment.
Forbes has suspended its rankings of wealth advisors and canceled an upcoming summit in Las Vegas as it investigates a significant payment made to its former Chief Content Officer, Randall Lane.
According to reports, Lane secretly received approximately $6 million from RJ Shook, the founder of Shook Research, a company that partners with Forbes to produce lists of wealth advisors. Lane, who was fired in July, acknowledged the payment, describing it as a "gift" and admitting that failing to disclose it was a "serious error in judgment."
Forbes' internal policies reportedly require employees to seek permission for outside business dealings and prohibit them from profiting personally from the publication's business affairs. The payment reportedly came to light when PPC Enterprises, a private equity firm that acquired Shook Research, reviewed company emails.
Shook Research has declined to comment on the matter, and Forbes has not provided specific details regarding Lane's departure beyond confirming his exit.