"I have made inadvertent errors in completing the divestitures required by my ethics agreement," Commerce Secretary Wilbur Ross said in a statement. | AP Photo Commerce secretary divests from all stocks after criticism from ethics watchdog

Billionaire Commerce Secretary Wilbur Ross said Thursday he was selling all his stock holdings after being criticized by the Office of Government Ethics for some of his financial transactions.

"I have made inadvertent errors in completing the divestitures required by my ethics agreement," Ross said in a statement. "To maintain the public trust, I have directed that all of my equity holdings be sold and the proceeds placed in U.S. Treasury securities."


The admission came after Ross received a letter from OGE general counsel and acting Director David Apol that admonished him for failing to divest from some stocks by Jan 15, 2017, as he had indicated and more recently engaging in stock market activity that appeared aimed at belatedly correcting that error.

Apol told Ross his discrepancies “can undermine public trust in both you and the overall ethics program,” and that his positions and short sale could lead to legal jeopardy. The OGE letter contradicts what Ross has said in the past regarding the ethical and legal nature of the trades in question.

According to the independent ethics office, Ross failed to consult with them about his trades. The office called his attempts to follow ethics guidelines for avoiding conflicts of interest “ineffective.”

But the agency said one of its officials reviewed Ross’ calendars, briefing books and correspondence after potential violations had been flagged in media reports, and found no information indicating a conscious violation of the law.

“[H]owever, your failure to divest created the potential for a serious criminal violation on your part and undermined public confidence,” Apol told Ross.