Commerce Secretary Wilbur Ross accused of stealing $120 million, stuffing pockets with free Sweet'N Low packets
With a net worth of $700 million, Wilbur Ross should've been able to afford Sweet'N Low for his coffee.
But the Wall Street maven turned commerce secretary opted to steal packets of the sweetener from restaurants instead, two former coworkers tell Forbes. They, along with many other ex-colleagues, also accuse him of siphoning a total of $120 million from his business ventures over the years.
Since joining the Trump administration, Ross has run into trouble for failing to divest from foreign companies and profiting off investments that broke federal ethics laws. But these ethical dilemmas start long before Ross' White House days. Forbes has tallied up accusations from 21 people who say Ross either siphoned or stole from them over the years. Those allegations — a few million here, another million there — total $120 million.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
One of the accusations sparked a $2.3 million Securities and Exchange Commission fine against Ross' equity firm, though Ross explicitly said "the SEC has never initiated any enforcement action against me" in a statement to Forbes. Other allegations turned into lawsuits, one of which was dismissed but is currently being appealed, and two that Ross admits to settling. If just half of these allegations are real, Ross would be running one of the biggest American cons of all time, Forbes says.
Ross' SEC statement reflects what all these colleagues told Forbes: that the man isn't too fond of the truth. A Commerce Department official told Forbes that the allegations are "petty nonsense," especially because Ross doesn't sweeten his coffee.
Read more about Ross' caffeine — and alleged grifting — addiction at Forbes. Kathryn Krawczyk
Update 12:01 p.m. ET: The Department of Commerce released a statement on Ross' behalf, saying the Forbes story was "based on false rumors, innuendo, and unverifiable claims." "The fact remains that no regulator has made any of these accusations against the secretary," the department said. "This rehash of old stories is clearly the result of a personal vendetta. The baseless claims made in this story were well publicized long ago and are not news."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Can the UK avoid the Trump tariff bombshell?
Today's Big Question President says UK is 'way out of line' but it may still escape worst of US trade levies
By The Week UK Published
-
Beyoncé's record-breaking night at the Grammys
Talking Point Long-denied Album of the Year win rights a 'historic sense of grievance'
By Rebekah Evans, The Week UK Published
-
Crossword: February 3, 2025
The Week's daily crossword
By The Week Staff Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published