that Ross has a net worth of $2.5 billion. Financial disclosure forms filed by Ross after his nomination as Commerce Secretary showed less than $700 million in assets, and Forbes later revised his net worth to $600 million. Grift allegations In August 2018, Forbes reported that Ross's business partners and workers accused Ross of illicitly siphoning or stealing a total of $120 million. In December 2017, a report by two Irish financial analysts, commissioned by Luke Ming Flanagan, an Irish member of the European Parliament, accused Ross of insider trading as part of a 2014 sale of shares in the Bank of Ireland by WL Ross & Co. Overcharging of fees In August 2016, Ross agreed to reimburse investors $11.8 million and pay a fine of $2.3 million to settle a U.S. Securities and Exchange Commission probe into the overcharging of fees by WL Ross & Co. The company had self-reported the issue and did not admit any liability. On August 7, 2018, five former WL Ross & Co. employees and investors claimed the firm was charging its investors fees on money it had lost, including allegedly charging fees on one investment that was essentially worthless. United States Secretary of Commerce (2017–2021) On November 30, 2016, then-President-elect Donald Trump announced that he would nominate Ross for Secretary of Commerce. On February 27, 2017, the Senate confirmed Ross in a 72–27 vote. Ross was sworn into office on February 28, 2017. Ross took office at the age of 79, making him the oldest first-time Cabinet appointee in U.S. history. The previous record-holder was another Secretary of Commerce, Philip Klutznick, who took office in 1980 at the age of 72. Trade issues UK trade post-Brexit In December 2016, after being designated by Trump as his nominee to lead the Commerce Department, Ross said in a speech to Cypriot financiers that Brexit was a "God-given opportunity" for other countries, such as Ireland and Germany, to draw business away from the United Kingdom's financial services industry. In 2017, Ross said that a trade deal with the UK was a low priority for the Trump administration; however, he outlined possible terms. No U.S. trade deal with the UK was concluded, although Ross and Treasury Secretary Steve Mnuchin stated in January 2020 that they hoped to have an "easy" agreement with the UK that year. Tariffs and trade wars In September 2017, Ross traveled to Beijing