Wilbur Ross allegedly swindled $120 million from associates and 'could rank among the biggest grifters in American history,' according to a bombshell Forbes report
- US Secretary of Commerce Wilbur Ross has allegedly swindled associates out of more than $120 million, according to a new bombshell report from Forbes.
- The magazine interviewed 21 former colleagues, many of whom say he has a propensity to filch money for himself.
- The sum total of all the allegations against him come to $120 million, Forbes said.
According to former colleagues, US Secretary of Wilbur Ross has been known to grab handfuls of Sweet'N Low on his way out of restaurants, to save himself the trouble of having to buy his own.
But that may just be the tip of the iceberg when it comes to Ross' impropriety, according to a new bombshell report from Dan Alexander of Forbes.
Forbes spoke to 21 people who know Ross, and found that many claim he wrongly took millions for himself on multiple occasions. The publication estimates that if all of these allegations are true, Ross has bilked associates out of more than $120 million.
And Alexander pulled no punches in summarizing his findings, concluding: "If even half of the accusations are legitimate, the current United States secretary of commerce could rank among the biggest grifters in American history."
A commerce department official called the allegations "petty nonsense," while a statement from Ross himself noted that "the SEC has never initiated any enforcement action against me."
That's not entirely true, considering the SEC fined his firm $2.3 million in 2016. Beyond that, Ross argued that one lawsuit filed against him has been dismissed, failing to mention that it's still in the appeals process.
Alexander's interest in Ross stemmed from the commerce secretary's apparent attempts to mislead Forbes, which the magazine says were an attempt to get himself higher on the publication's ranking of billionaires.
Here's a breakdown of all the allegations outlined in the Forbes report, presented in chronological order. Adding together all of the bolded numbers, you arrive at roughly $120 million.
- 2005 - A former vice chairman of WL Ross filed a $20 million lawsuit against Ross, alleging the commerce secretary tried to cut him out of his share. They reached a confidential settlement, which reportedly cost $10 million.
- 2014-2015 - Invesco, the parent company of WL Ross, reported $43 million in regulatory and reimbursement expenses, which four former employees say were tied to issues that occurred under Ross.
- July 2015 - Ross' former number two filed a $4 million lawsuit, alleging the commerce secretary stole his interests. They recently reached a confidential settlement.
- August 2016 - As mentioned above, WL Ross agreed to pay the SEC $2.3 million after allegations that the firm defrauded an misled investors. The company settled without admitting wrongdoing.
- August 2016 - When the SEC announced its fine, it also revealed that the WL Ross paid back $11.9 million it allegedly took from investors, including interest, when Ross was running the firm.
- December 2016 - A former WL Ross employee sued the company, alleging that Ross "looted" his accounts to the tune of $3.6 million.
- November 2017 - Three former WL Ross executives sued Ross and their former firm, allegedly they charged $48 million in improper fees. Ross says the legal action is "without merit."
Read the full Forbes report here.
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