Forbes says Commerce head overstated wealth by $2 billion

November 07, 2017 - 6:36 pm

NEW YORK (AP) — Forbes is reporting that Commerce Secretary Wilbur Ross exaggerated his net worth to the magazine by $2 billion.

The magazine estimated Ross to be worth $2.9 billion in 2016. But it says it reached out to Ross after financial disclosure forms filed after his Cabinet nomination showed less than $700 million in assets.

Forbes says Ross claimed to the magazine that he had transferred more than $2 billion to family trusts between the 2016 election and President Donald Trump's inauguration. But when that claim raised ethics and tax questions, the Department of Commerce issued a statement saying there was no such transfer.

Forbes says it now "confident that the money never existed. It seems clear that Ross lied to us."

The Commerce Department did not answer a request for comment.

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