US Commerce Secretary not really a billionaire – Forbes

US Commerce Secretary not really a billionaire - Forbes
Forbes magazine said it conducted a month-long investigation into US Commerce Secretary Wilbur Ross which showed he is not a billionaire as he has claimed and has a history of misleading statements. Courtesy Photo.

United States | AFP | US Commerce Secretary Wilbur Ross has exaggerated his personal wealth and is not in fact a billionaire, a leading business magazine reported Tuesday.

The report by Forbes also accused Ross of serial dishonesty and was more unwelcome publicity for the Trump ally after leaked files this week showed he retained business interests tied to Vladimir Putin’s inner circle even after taking office.

A year ago Forbes listed Ross among the richest Americans, putting his net worth at $2.9 billion.

But after examining public disclosure forms Ross filed as part of his confirmation process for the Commerce post this year, Forbes estimated Ross’s wealth at under $700 million.

After a month-long investigation, Forbes found that about $2 billion Ross claimed was held in family trusts never existed. He had said he was not required to disclose the funds held in trust in the federal filings.

Ross inflated his wealth in communications with the magazine stretching back more than a decade when he first made the vaunted Forbes global list of billionaires, the report said.

“It seems clear that Ross lied to us, the latest in an apparent sequence of fibs, exaggerations, omissions, fabrications and whoppers that have been going on with Forbes since 2004,” the magazine said.

The report said the review of Ross’s business history uncovered a pattern of dishonesty extending to investors and colleagues that resulted in millions in fines and funds returned to investors, and frequent litigation.

A Commerce Department spokesman dismissed the conclusions in the magazine.

“The Forbes article cites former employees, without full knowledge, and all but one anonymously — we will not respond further,” the spokesman said in an email.

Ross’s financial disclosure documents “were compiled by legal counsel and accountants. The relevant rules were followed, and the documents were closely reviewed and approved by ethics officials at the Department of Commerce and the Office of Government Ethics.”