Ohio Republicans running for U.S. Senate are millionaires, disclosures show
Laura A. Bischoff
The real estate, business assets, investment portfolios and paychecks of Republicans who want to represent Ohioans in the U.S. Senate are nothing short of eye-popping.
Bernie Moreno: Multiple homes, bitcoin investments
Bernie Moreno has a place in the Bahamas worth between $5 million and $25 million. He also has a yacht worth between $500,000 and $1 million, condos in Washington, D.C. and New York and houses in Columbus and Florida, according to Moreno's financial disclosure statement.
On top of that, his auto dealership, M Motors Group, Inc. is worth between $5 million and $25 million. He also holds between $100,000 and $250,000 in bitcoin. Moreno has mortgages and business loans that add up to between $13.5 million and $66 million. An $805,000 Paycheck Protection Plan loan to Moreno's auto dealership in Miami was forgiven in July.
Jane Timken: Millions from her own investments, plus her husband's impressive wealth
Jane Timken and her husband own a 699-acre farm near Canton and have vast stock and bond holdings, Timken's 65-page report shows. Jane Timken's investments are worth between $2 million and $4.8 million while her husband's holdings are valued between $30.3 million and $55.8 million and the couple has between $5.1 million and $10.8 million invested on behalf of their two adult children. Timken reported no liabilities.
Josh Mandel: Serving on corporate boards, more than $1 million in the bank
Former state treasurer Josh Mandel reported he made $839,571 between Jan. 1, 2020 and May 15, 2021, plus he cashed out his Ohio Public Employees Retirement System account for a $205,413 windfall. He also liquidated stock holdings and poured more than $1 million into his bank accounts. Mandel paid off his only liability – a self-issued loan for the purchase of his home – in March 2021.
The bulk of Mandel's income came from serving on corporate boards for businesses such as power company Lonestar Generation LLC and Athene Co-Invest Reinsurance Affiliate 1A Ltd, retirement financial services business based in Bermuda. He also provided advisory services to entities such as Dayton-based payday lender Schear Financial Services.
Democrat Tim Ryan: Student loans and a home mortgage
Democrat Tim Ryan filed his disclosure with the U.S. House. It shows he has assets valued between $85,000 and $276,000 – far below the portfolio held for the Timken children. Ryan also disclosed liabilities, such as a home mortgage and outstanding student loans, that range between $380,000 and $800,000.
Other Republicans: Businessman Mike Gibbons, venture capitalist J.D. Vance yet to file
One other candidate has yet to file the mandated report.
Mike Gibbons' financial holdings are so complex that he had to hire an accounting firm to prepare the report, according to his campaign. Gibbons' attorneys told the Senate Ethics Committee that the campaign of the Cleveland businessman expects to file the report within 30 days.
"As you can imagine, Mike Gibbons has an extremely complex financial disclosure. His 2018 filing folder was more than 147 (megabytes), held dozens of spreadsheets and required hundreds of hours of work by his accountant to compile. The campaign and legal team has been in regular contact with the Senate committee to let them know that we will be submitting a report soon," Gibbons' campaign spokeswoman Samantha Cotten said in an email.
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Venture capitalist and best-selling author J.D. Vance doesn't have to file his report until late October because the Cincinnati resident joined the race more recently than the other candidates.
The job of a U.S. senator pays $174,000 a year.
Laura Bischoff is a reporter for the USA TODAY Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio.