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Wilbur Ross on Budget & Economy

 

 


SEC investigating insider trading "short sale" of oil stock

Commerce Secretary Wilbur Ross bet against the stock of a shipping firm just days after The New York Times contacted him about the company's links to the Kremlin, Forbes reported.

In October 2017, the Times emailed Ross questions about his investments in Navigator Holdings, a mover of liquefied gases whose major clients included a Russian energy company. Three days later, Ross made the so-called short sale. Ross' short sale was worth between $100,000 and $250,000, the Times reported.

The Securities and Exchange Commission considers insider trading as any transaction on public markets that's based on nonpublic information that can influence prices once it's revealed. "I did not receive any nonpublic information due to my government position, nor did I receive any nonpublic information from a government employee," Ross said in a statement. "Securities laws presume that information known to or provided by a news organization is by definition public information."

Source: Business Insider (e-zine) on 2018 Trump Cabinet , Jun 20, 2018

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Page last updated: Feb 28, 2019