A recent Forbes report has noted that the incumbent US Commerce Secretary Wilbur L. Ross could be implicated as one of the "biggest grifters in American history," if even half of the accusations leveled against him are legitimate.

The report by Forbes staff Dan Alexander through interviews with 21 executives and employees of private equity company WL Ross & Co., founded by Ross in 1997 and acquired by Invesco in 2006, states that Ross stole on numerous occasions up to 120 million US dollars, evident through some lawsuits, reimbursements and fines levied by US Securities and Exchange Commission (SEC).

Forbes’ claims are based on the accusations and lawsuits against Ross from 2005 to 2017, that sums up more than 120 million US dollars (see the detailed allegations at the end of the article).

However, the US Commerce Department has refuted the Forbes report through a statement asserting that the "anonymously sourced Forbes story is based on false rumors, innuendo, and unverifiable claims" adding that no regulatory body has legitimized these accusations against Ross. Claims against Ross were termed "baseless" and a "result of a personal vendetta."

Ross too, who is in his eighties, refuted the allegations to Forbes saying: “The SEC has never initiated any enforcement action against me.” Forbes claims that the US commerce secretary, as mentioning this statement, skipped that fact that SEC had levied 2.3 million US dollars fine against his firm in 2016.

According to five former WL Ross employees and investors, the firm was also charging its investors on money that it had lost. WL Ross allegedly continued collecting fees on the amount invested rather than the actual value of the investment, taking more than it deserved, Forbes notes.

But trying to distance himself from this management fee episode, according to Forbes, Ross said: “No regulatory agency has ever asserted such charges or any other charges against me and there is no basis for any such allegations.”

“With the investors’ claims apparently behind him, Ross now faces a lineup of allegations from his former colleagues, who say he robbed them of money as well," according to the report.

Even after starting to work for the White House, Ross’s lust for crooked profiteering apparently continued. 

In November 2017, Ross signed a sworn document, attesting that he had divested all the assets he promised he would. “The commerce secretary in fact still owned somewhere between 10 and 50 million US dollars worth of stock in Invesco,” writes Forbes. Ross sold his shares a month later, banking at least 1.2 million US dollars more than he would have if he sold in May, when he initially promised to divest, according to the Forbes.

Pulling punches on Ross, Alexander writes: “Those who’ve done business with Ross generally tell a consistent story, of a man obsessed with money and untethered to facts,” adding, “Wilbur Ross figured out at some point that money, or the aura of it, translates into power.”

Forbes’ December 2017 issue also presents a bleak picture on Ross' personality where he tries to elevate his position on The Forbes 400 through a telephone call saying his net worth was closer to 3.7 billion US dollars, against the 2.9 billion Forbes recorded. Forbes later removed Ross entirely from the list after his financial-disclosure forms, submitted following his nomination to President Donald Trump's cabinet, showed less than 700 million US dollars in assets. 

Ross is considered to be an important player in US President Donald Trump's international trade war as he has vested responsibility of promoting and developing foreign and domestic commerce on behalf of the America. He was termed “legendary Wall Street genius” by Trump before naming to his cabinet.

2005 – A former vice chairman of the firm WL Ross filed a 20 million US dollar lawsuit against Ross, alleging that Ross tried to cut him out of his interests. Two years later, they reached a confidential settlement at about 10 million US dollars.

2014-2015 – In annual reports, Invesco, the parent company of WL Ross, reported 43 million US dollars in regulatory and reimbursement expenses. Four former Ross employees say the expenses are related to issues that happened under Ross' watch.

July 2015 – Ross’ former No. 2 filed a four million US dollar lawsuit, alleging that Ross stole his interests. Two weeks ago, the parties reached a confidential settlement.

August 2016 – WL Ross agreed to pay the SEC 2.3 million US dollars after allegations that the firm defrauded and 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 US dollars it was accused of taking from investors, including interest, when Ross was running the firm. Eight former employees and investors say Wilbur Ross presumably knew about the alleged misdeeds. 

December 2016 – A former WL Ross employee sued the company, alleging that Ross “looted” his accounts of 3.6 million US dollars. 

November 2017 – Three former WL Ross executives sued Ross and their former firm, accusing them of charging 48 million US dollars in improper fees. Ross says the legal action is “without merit.”