Forbes Says Wilbur Ross Lied About Being a Billionaire

Forbes alleges Commerce Secretary Wilbur Ross has been lying about being a billionaire for over a decade.

In an explosive report published Tuesday, Forbes accused Ross of lying about his fortune for years. Instead of having billions, Ross has only hundreds of millions, according to the magazine.

In disclosure forms filed in connection to his nomination as Commerce Secretary, Ross listed less than $700 million in assets. Ross told Forbes that he had created trusts for his family worth more than $2 billion that weren’t included in his financial disclosure form. Forbes reports that Ross told the magazine that money was put into a trust “between the election and the nomination.”

The Commerce Department, however, told Forbes there was no major asset transfer to a trust in the period between the election and his confirmation.

“It seems clear that Ross lied to us, the latest in an apparent sequences of fibs, exaggerations, omissions, fabrications and whoppers that have been going on with Forbes since 2004,” Forbes claims.

The magazine said it plans to remove Ross from its Forbes 400 list of richest Americans.