The $6 million “gift” that cost former Forbes editor Randall Lane his job was apparently payment for helping a business partner sell his company, according to the man who made it.
RJ Shook said Monday that Lane assisted with his efforts to sell Shook Research, which produces Forbes’ rankings of financial professionals, to private-equity firm PPC Enterprises.
Shook and his wife sold a controlling stake in the company in July 2025. After the deal closed, Shook paid Lane approximately $6 million in recognition of the editor’s “services and guidance” and the success Shook achieved as a result, he said. However, neither man disclosed the payment to Forbes or PPC.
Lane was then fired in July after Forbes discovered the money. He previously characterized it as a gift and acknowledged that failing to disclose it was a “serious error in judgment.”
Shook Research has worked with Forbes since 2016 to produce rankings, such as lists of top wealth advisers. The companies also collaborate on events and share revenue from plaques and reprints sold to professionals who appear on the lists.
Lane discussed that partnership during PPC’s due-diligence process, The Wall Street Journal reported Monday, citing people familiar with the matter. Forbes told the Journal that Lane had not been authorized to represent the publication in connection with the transaction.
The fallout has extended beyond Lane’s firing. Morgan Stanley Wealth Management told its advisers last week that it had suspended its involvement with the Forbes-Shook rankings, per the Journal.
Shook, meanwhile, insisted the payment was unrelated to the rankings and said Lane never participated in the company’s methodology, data analysis or ranking decisions. Forbes has also said it has not found evidence that its rankings or editorial decisions were compromised. The outlet is now reported to be working with outside counsel on an independent review and considering possible action.
“My actions were taken with the best intentions, but ultimately the payment was a mistake,” Shook added in his statement.
He and his wife, Liz, have reached a settlement with PPC and Shook Research and will relinquish their remaining roles and ownership in the business.
TheWrap has reached out to Forbes and Lane for comment.
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