Deals
Wilbur Ross Denies Insider Trade in Shorting Russia-Linked Firm
- Short position taken after reporter asked Ross about company
- Ross says news story on him "not market moving information"
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Commerce Secretary Wilbur Ross denied that he engaged in insider trading when he short sold stock of a shipping company a few days before news organizations revealed it was linked to close associates of Vladimir Putin.
Ross, who wasn’t required to divest his holdings in shipping companies, shorted stock in Navigator Holdings Ltd. on Oct. 31, a day after a reporter from the New York Times contacted him seeking comment about his stake in the company and its dealings with a Russian energy firm. The transaction at issue was worth between $100,000 and $250,000, according to disclosure forms Ross filed with the Office of Government Ethics.