Trump Appointees, Richest Ever, Elude Scrutiny With Hidden Investments

Advisers’ holdings are buried in layers of shell companies, creating vast opportunities for conflicts of interest while minimizing transparency.

As President Trump faced a barrage of criticism last summer over the former Wall Street executives and other ultra-wealthy people serving in his administration, he offered a characteristic rationale: The appointees, he suggested, were too rich to have financial conflicts of interest.“They’re representing the country,” Mr. Trump said in June at a rally in Iowa. “They don’t want the money.”But a cascade of revelations surrounding his advisers’ business holdings — including news this week that t...