Sen. Bernie Moreno’s Northeast Ohio Auto Empire Fuels His Portfolio
PART Three of The Freshmen Four Horsemen…
Editorial Note: Sen. Moreno disclosed “partial” ownership of some assets in his form but disclosed the full value of the asset in contradiction to the explicit rules and instructions of financial disclosure reporting. As a policy, the Hunter Index does not interpret forms or correct perceived errors, so we calculated Moreno’s holdings based on the full values as disclosed. We have contacted his Senate office and will update if or when he revises his forms, clarifies the true value of his portion of assets or submits an amendment.
The fourth wealthiest of the Freshmen Four Horsemen, Republican Bernie Moreno defeated Democrat Sherrod Brown in 2024 to take his U.S. Senate seat representing Ohio.
So, what is in this edition? Let’s dive into the Colombia-native Bernie Moreno’s background and his personal finances.
Pipeline from Bogotá to Florida to Ann Arbor to Washington
Sen. Moreno was born in Bogotá, Colombia before immigrating to the United States. After graduating from high school in Florida and the University of Michigan in Ann Arbor, Moreno bought a Mercedes-Benz car dealership in Cleveland, Ohio in 2005.
Sen. Moreno campaigned on the “rags-to-riches” immigrant trope. However, the New York Times reported on his family’s success and professional achievements such as brothers who are corporate executives or even ambassadors to the United States. His father served as physician to a Colombian president in the 1970s.
Sen. Moreno said in a podcast interview:
So my mother's family, it has a long history of, I'd say outsized privileged, which is typical in South America. My dad's family is the same way… My mom was an only child, but her dad was extraordinarily successful. My dad was one of 11 kids and his father was extraordinarily successful, massive amount in some industries. My dad went through the best schools, got his master's degree at the University of Pennsylvania in medicine.
Let’s Talk Money!
The Wolverine-turned-Ohio politician reported 23 assets worth at least $1 million including three private equity or hedge fund investments with AllianceBernstein and Yellowstone Capital. He also owns some technology investment funds including in Israeli companies like Immunai.
Sen. Moreno was one of the few Index members to report owning equity-linked notes which do not have fixed interest rates and are usually unsecured loans to companies which makes them a “riskier” investment.
In Ohio, the median household income is $69,680. We’ll do the math for you — the typical Ohio household would need 14 years to earn what Moreno received from his investments in one year.
Moreno received at least $250k in rental income from three properties worth at least $7 million.
Both Bernie Moreno and Bridget Moreno, his spouse, housed many of their assets — especially their real estate assets — in revocable trusts created in 2008.
In October 2024, Bernie was subpoenaed in the divorce proceedings between his daughter Emily Moreno Miller and Rep. Max Miller of Ohio. His daughter reportedly co-owned assets with her family and her father, now-Senator Bernie Moreno.
Sen. Moreno reported partial ownership of many of his assets — likely inflating his calculated net worth: between $50 million and $250 million.
Once he files his annual report later this year, we will update our reporting and hopefully get a clearer picture of how his portfolio has changed since his original filling in August 2024 and any lingering complications of his daughter’s divorce from his now-colleague in Congress.
Unlike the wealthiest Index member Jim Justice who had a negligible rate of return, Moreno’s calculated minimum return on his portfolio was a modest 1.73%. (This is simply a conservative calculation of the amount of income generated divided by the minimum value of his assets). However, this rate of return is likely much higher based on how Sen. Moreno reported the value of his assets against the income he solely received.
Moreno sits on the Senate’s Banking, Budget, Commerce and Homeland Security committees which have jurisdiction over policies relevant to his real estate and other assets.
Why Does It Matter?
Please be informed of your politicians’ personal financial information.
That’s our mission at the Hunter Index. An informed voter or — at least — constituent makes for a better community and better neighbor. Should your representative be similar to you? We just present that information and let you factor that into the numerous decisions that hopefully you make before casting a ballot.
Knowing how your elected officials invest their money is important. Would you make a policy or governing decision that negatively affects the financial security of your immediate family?
In his only press release, Sen. Moreno requested answers from the IRS about a so-called “leasing loophole” — Biden-era tax credits for electric vehicles worth up-to $7,500 that can be kept by the dealership and not passed onto the lessee or buyer:
Following the passage of the Inflation Reduction Act in 2022, there have been significant concerns about the cost of these tax credits. This concern has only grown following decisions made by the Treasury Department to expand the scope of the tax credits, such as by creating the “Leasing Loophole,” which allows the 45W credit to be claimed on leased vehicles, many of which are not eligible to claim the credit otherwise.
So What?
Sen. Moreno owns a stake in M Motors Group, Inc. worth at least $5 million - his most valuable asset beyond his spouse and his real estate property assets. Auto dealerships make roughly 35% of their profit off financing and other add-ons. Tax credits for leases could theoretically cut into his business’s profit margin if passed onto consumers.
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