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From Ross’ vantage point, Trump offered the perfect exit. The future cabinet secretary’s private equity funds were underperforming—one on track to lose 26% of its initial value and another two dribbling out mediocre returns—and the accusations were starting to pile up. Roughly two months before the 2016 presidential election, the SEC announced WL Ross was paying a fine and refunding $11.9 million it allegedly skimmed from its investors, including interest. The scheme was complex. Like other private equity firms—including several that coughed up money to the SEC around the same time—WL Ross derived much of its revenue from management fees charged to its investors. With funds as large as $4.1 billion, management fees of 1.5% could alone bring in more than $60 million a year for Ross’ firm—serious money.
But WL Ross promised that it would give its investors something like a rebate. For example, when Ross and his colleagues got certain fees for working on deals, they were supposed to give at least 50% of that money back to investors. But, according to SEC investigators, the firm gave back less than it suggested it would and pocketed the difference, leading the feds to conclude Ross’ firm broke laws that prohibit defrauding and misleading clients. WL Ross paid the big settlement but never admitted guilt.
According to the feds, WL Ross charged some of those inappropriate fees in the years before the commerce secretary sold his firm to Invesco for $100 million up front and the possibility of another $275 million down the road. That meant that when Ross cashed out, he presumably did so at bigger valuation than he deserved. In a statement, Ross suggested that Invesco never clawed any of that money back. “The terms of the sale of my business in 2006 remain unchanged,” he said. Invesco declined to comment.
There is more to the story. According to five former WL Ross employees and investors, the firm was also charging its investors on money that it had lost. Here’s how it worked: If WL Ross made an investment of, say, $100 million that declined dramatically, in the final years of the fund the firm was supposed to charge management fees on the actual value of the investment, not the $100 million starting point. However, WL Ross allegedly continued collecting fees on the amount invested, taking more than it deserved. WL Ross was allegedly even charging fees on one investment that was essentially worthless. When approached about the discrepancy, Wilbur Ross initially insisted his firm was calculating the fees correctly, according to someone familiar with those discussions. “There are all sorts of fee issues,” says an investor, “but it was just the most egregious that I’ve seen.”

Invesco has seen its stock plunge since Jan. 26, 2018 — from $38.4 per share to $25.68 as of Tuesday morning.