"Wilbur Ross reported at least $53 million in side income while at Commerce
Wilbur Ross reported making a minimum of $53 to $127 million in outside income during his four years as secretary of commerce for Donald Trump. It is possible that he earned significantly more as he was not required to specify certain income totals over $1 million.
Even in an administration characterized by corruption, Ross became notorious for mixing personal business with his government role. "
"Sly As A Fox: How Wilbur Ross Slipped Out Of Scandal And Back Into Business
ON JANUARY 19, 2021, while still serving as the U.S. secretary of commerce, Wilbur Ross set up a new company in the Cayman Islands. The business had no operations, but it did have big plans. It was a special purpose acquisition company, or a SPAC, which would allow Ross to raise more than $300 million from investors.
If you are surprised that a cabinet member might set up such a company while still technically in office—Ross’ term didn’t end until the next day, January 20—then you might need an introduction to the former commerce secretary.
Three former colleagues have accused Wilbur Ross of taking or stealing their private equity interests. In 2016, the Securities and Exchange Commission fined his firm, WL Ross & Co., for allegedly breaking laws that prohibit misleading investors and defrauding clients.
While in office, he issued false statements, held ethically dubious meetings and engaged in suspiciously timed trading."
