Wilbur Ross Admits He Kept Stock In (Another) Company He Previously Claimed He Divested
Secretary of Commerce Wilbur Ross arrived in Washington, D.C., in February 2017 as one of President Trump’s richest advisors. After years of piling up assets, the private equity mogul assured ethics officials and members of Congress that he would divest nearly everything. And on November 1, 2017, he said he had, signing his name directly below a warning that “any intentionally false or misleading statement” was “a violation of law punishable by fine or imprisonment, or both.”
Ross’ statement, nonetheless, was false. Although he claimed to have divested the assets, he in fact held onto an interest in aviation giant Air Lease Corp. And a short position in a bank called Sun Bancorp. And at least $10 million worth of shares in his former employer Invesco.
The Air Lease stake, revealed in filing released Tuesday and not previously reported, remained in Ross’ portfolio for more than a year after the commerce secretary promised to sell it, and was worth roughly $73,000 by the time he got rid of it on June 11. During the 13 months that Ross improperly held the stake, Air Lease shares climbed 20%, meaning Ross gained an estimated $12,000 over that time. Invesco increased more than 14% from the first date Ross promised to divest it until he finally got rid of it in December, producing a gain of $1.2 million to $6.2 million over the period.
A spokesperson for Ross said the commerce secretary did not lie to federal ethics officials when he falsely said he had divested everything he promised he would. Ross claimed it was all the result of misunderstandings. They were remarkable errors for one of the most sophisticated investors in America. On federal filings, Ross said he held stock in Invesco and Air Lease that he did not realize he owned and believed he retained stock in Sun Bancorp that he had already sold.
https://www.forbes.com/sites/danalexander/2018/07/06/wilbur-ross-admits-he-kept-stock-in-another-company-he-previously-claimed-he-divested/#7ea1a07c50f1
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