07/27/2012 05:23 am ET Updated Jul 27, 2012

Fred Willard Speaks Out On His Arrest: 'It's Very Painful, But I've Tried To Laugh It Off' (VIDEO)

Fred Willard was Jimmy Fallon's guest on "Late Night" (Weeknights, 12:37 a.m. ET on NBC) Thursday and immediately addressed the elephant in the room.

Willard was arrested July 18th on suspicion of committing a lewd act while inside a Hollywood adult theater.

The Hollywood Reporter later broke the news that Willard was then fired as the host of PBS' new competition series "Market Warriors." However, according to RumorFix, Willard kept his other TV hosting gig, on ABC's new improv show, "Trust Us With Your Life."

The veteran funny man joked that "It's the last time I'm gonna listen to my wife when she says, 'Why don't you go out and see a movie?'"

On a more serious note, Willard admitted that the situation is "an embarrassment. It’s very painful, but I’ve tried to laugh it off."

He went on to clarify that he "did nothing wrong," and that everything is "being worked out."

"Trust Us With Your Life" airs Tuesdays at 9 p.m. ET on ABC. "Late Night With Jimmy Fallon" airs weeknights at 12:37 a.m. ET on NBC.

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