Tuesday, August 7, 2018

CHARGE Commerce Secretary Wilbur Ross Ripped Off Associates to the Tune of $120 Million

 Commerce Secretary Wilbur Ross 
Commerce Secretary Wilbur Ross could rank “among the biggest grifters in American history,” according to a Forbes report that details claims he wrongly siphoned or “outright stole” millions of dollars from former business associates.
The magazine spoke with 21 people who know Ross, who formerly headed private-equity company WL Ross & Co. All told, Forbes said, the allegations come to more than $120 million in aggregate value.
Among the allegations reported by Forbes, three former WL Ross executives say Ross and his firm charged at least $48 million in improper fees, then pocketed the money. A lawsuit about the matter remains active. Ross reportedly called the case “without merit” in a statement to Forbes.
Ross’s firm was also charging investors on money that it had lost, according to five former employees — allegedly even charging fees on one investment that was essentially worthless, according to Forbes.
Following publication of the Forbes story, a Commerce Department statement said the piece was based on “false rumors, innuendo, and unverifiable claims.”
“The fact remains that no regulator has made any of these accusations against the secretary. This rehash of old stories is clearly the result of a personal vendetta. The baseless claims made in this story were well publicized long ago and are not news,” the department’s statement said.
-RW