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Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: Steve G.
Date: August 07, 2018 11:16AM
Another Trump angel- a drooling old mega-crook

Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates
[www.newsweek.com]
Secretary of Commerce Wilbur Ross was accused of having stolen $120 million through a complex scheme at his previous investment company, which led to lawsuits, a fine by the Securities and Exchange Commission and some paybacks, according to a Forbes report published Tuesday.

The firm, WL Ross and Co., would allegedly charge investors extra management fees even if the value of their investment fell, and would also fail to fork over the required minimum percentage of fees attained on other deals, the report said, citing five former employees of the company.

Instead, the company would give investors a smaller amount of the required percentage and keep the rest, according to the SEC. Ross sold WL Ross and Co. to Invesco in 2006.

“The SEC has never initiated any enforcement action against me,” Ross told Forbes in a statement. “No regulatory agency has ever asserted such charges or any other charges against me, and there is no basis for any such allegations.”

But the report noted that the SEC fined Ross’s company $2.3 million in August 2016 for collecting some $10.4 million in fees from investors from deals from 2001 to 2011, which covered a portion of the time that Ross owned it.

Ross’s alleged practices led to several lawsuits filed by former employees and partners in his company.

Like other members of the Trump administration, Ross has been subjected to intense scrutiny, which has yielded some damaging claims. The president had to part ways with a number of officials, including Health and Human Services Secretary Tom Price and Environmental Protection Agency Administrator Scott Pruitt, due to practices stemming from their lavish spending while in office.
Ross, 80, has faced previous accusations of financial impropriety while in office. Last year, he was a major figure named in the "Paradise Papers," a trove of 13.4 million electronic leaked documents that detailed how high net worth individuals around the world used complex offshore finance structures to protect their money from higher taxes.

Notably, Ross was accused of failing to properly include all of his information in required financial disclosure filings, as well as having a stake in a shipping company linked to Russian President Vladimir Putin.

Ross owned part of a company called Navigator, which had a partnership with Russia-based oil and gas company Sibur. Putin’s son-in-law, Kirill Shamalov, was a Sibur shareholder.

Ross responded to the revelation by telling the BBC News last November that the fact that it happened to be a Russian company didn't mean there was any evil in it.
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: rgG
Date: August 07, 2018 12:48PM
Mr. Magoo look alike is a crook. Who would have guessed.





Roswell, GA (Atlanta suburb)
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: Steve G.
Date: August 07, 2018 01:01PM
Wilbur Ross was in the game for many, many decades. He's an old time Wall Street crook.

(He's out running around free like all the other Wall Streeters/bankers who should have been jailed before and after the World Economy Crash of 2008)
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: cbelt3
Date: August 07, 2018 02:57PM
It's on the extreme vetting checklist....
"Do you have no morals ?"
"Are you a crook ?"
"Do you hate non white persons ?"
"Do you hate / abuse women ? "

Must mark Yes to at least 3 in order to be named to the Cabinet ! (For female members the last one covers self hate as well..)
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: pdq
Date: August 07, 2018 04:27PM
Did you know Wilbur was also co-chairman of a bank...in Cyprus...

Quote

Ross was appointed vice-chairman at the [Bank of Cyprus] after his investment in 2014, a post he shared with a deposit holder-turned-shareholder, Vladimir Strzhalkovsky, referred to in Russian media as a former KGB official and Putin ally.

It put him at the centre of the biggest financial institution in a country that was widely considered to be a tax haven for Russian oligarchs, ... In 2014, the year he made his investment, the US State Department considered Cyprus an area of “primary concern” for money laundering, according to its official assessment.

One of this bank's more famous clients is currently on trial in Virginia...

Drain that swamp!
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: TheCaber
Date: August 07, 2018 05:54PM
Only the best people. Be best.



=TC
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: gabester
Date: August 08, 2018 12:05AM
The 45th President promised his every living breath would be spent fighting for us... apparently while shoving as much money as possible into his getaway sack. This one is definitely an accomplice.
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: Lux Interior
Date: August 08, 2018 08:12AM
Quote
pdq
Drain that swamp!

Indeed! Another one for swampy's list!
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Re: Trump Cabinet Member Wilbur Ross Accused of Stealing More than $120 Million, According to Business Associates: Forbes
Posted by: samintx
Date: August 08, 2018 09:01AM
Every time I see him on TV I think he is going to fall over on his face. Like his time is up on this earth.
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