Wilbur Ross shifted $2 billion to family trusts before his confirmation

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Wilbur Ross shifted $2 billion to family trusts before his confirmation

Wilbur Ross shifted $2 billion to family trusts before his confirmation

Market Watch-

Commerce Secretary Wilbur Ross stashed roughly $2 billion of assets in trust funds for his family members before he was confirmed — which allowed him to keep the cash off of his financial disclosure reports, according to a report Monday.

The hidden assets raise questions about whether the 79-year-old billionaire violated federal rules and whether his family owns billions in holdings that could create the appearance of conflicts of interest, Forbes magazine reported.

Ross only disclosed the trusts and the timing of the transfer after Forbes questioned why his financial disclosure form listed fewer assets than he had previously told the magazine he owned.

[MARKET WATCH]

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