Gov. Jim Justice reported between 147 assets worth between $290 million and more than $1.9 billion on his most recent U.S. Senate financial disclosure report. (Photo courtesy of the WV Governor’s Office)

CHARLESTON — Significant differences in assets and debt can be seen on the most recent financial disclosure reports for Gov. Jim Justice, the Republican candidate for U.S. Senate, and former Wheeling mayor Glenn Elliott, the Democratic opponent.

Financial disclosure reports are required of sitting senators, candidates for Senate and certain officers and employees of the Senate. Candidates have 30 days from the time of their filing or until May 15 annually to file financial disclosures with the Senate.

The Stop Trading on Congressional Knowledge Act of 2012 also requires senators and certain staff earning at least $141,022 beginning in 2023 to periodically disclose certain financial transactions, such as stocks, bonds, commodity futures, and other securities.

Justice was given a 90-day extension on filing his financial disclosure report, doing so on July 13, one day before the 90-day extension deadline. Justice also requested a 90-day extension for his 2023 financial disclosure report last year, which was not filed until Sept. 13, 2023, 131 days past the May 15 initial deadline.

According to his 2024 financial disclosure report under earned income and non-investment income, Justice received $231,250 in salary as governor with his salary after taxes going to the state Department of Education. Justice’s salary as governor, set by state code, is $150,000 per year.

Wheeling Mayor Glenn Elliott files to run in the Democratic primary for U.S. Senate in West Virginia in January with wife Cassandra and son Harrison watching. (File Photo)

Justice also reported a salary of $3,500 for coaching the Greenbrier East High School girls’ basketball team. His wife, Cathy Justice, reported earning less than $1,000 from the Greenbrier Hotel Corp.

Justice and his wife reported having 147 assets worth between $290 million and more than $1.9 billion. Of those assets, the Justices reported between $14,707 and $36,000 from dividend income from seven stocks and between $34,000 and $115,000 deposited between seven banks. The Justices reported receiving either no income or less than $201 from 123 assets.

However, the Justices only reported between $37 million and more than $113 million in liabilities despite both being personally on the hook for approximately $700 million in loan guarantees to the now-defunct Greensill Capital, now owed to the GLAS Trust Co. acting as note trustee. The noteholders include Credit Suisse and its sub-funds.

The liabilities listed in Justice’s report include between $1.5 million and $6 million in 0% interest on-demand lines of credit from Justice-owned companies. Justice also has a 5.8% on-demand line of credit between $25 million and $50 million from Maryland-based McCormick 101 LLC. The company shares an address with Beltway Capital Management, which specializes in loan acquisitions.

Justice reported between $7.5 million and more than $86 million in judgments in cases brought by Pennsylvania-based XCoal Energy Resources, Bridgeport-based MVP Bank and Elkins-based Citizens Bank of West Virginia. Citizens Bank was awarded $861,085 in a judgment in Randolph County Circuit Court in 2022. The bank filed an application for suggestee execution in 2023 seeking to garnish 20% of Justice’s wages.

The largest judgment was more than $50 million for Virginia-based Carter Bank and Trust. The Justice family owed more than $301 million plus interest and attorney fees for loan guarantees, of which the bank was attempting to collect.

In June, the Justice family and Carter Bank announced a second settlement. While details were sparse, a press release from Justice’s companies claimed the settlement offered a pathway to paying off the more than $301 million owed to the bank by the Justices, since reduced to $291.1 million.

Justice also continues to owe between $2 million and $10 million to former senior adviser Bray Cary and the Cary Foundation in two separate promissory notes. Bray left the Governor’s Office in March 2021.

The notes were issued Aug. 31, 2021. Justice appointed Cary to the West Virginia University Board of Governors in July 2021.

Elliott, who finished a second term as mayor of Wheeling at the end of June, filed his financial disclosure report on April 14 and amended it on July 18.

Elliott reported more than $105,360 in earned and non-investment income, including $25,700 from his salary as mayor of Wheeling and $79,660 in partnership distributions from Market Street Now LLC, Thirteen Ten LLC, and Route 40 Realty LLC.

Elliott and his wife Cassandra reported 11 assets worth between $1.1 million and $2.6 million, with income from those assets approximately $1.1 million or less. Much of this income is from residential and commercial rental properties and other real estate. The Elliott’s reported between $65,002 and $150,000 in liabilities from two mortgages in Cassandra’s name.

Steven Allen Adams can be reached at sadams@newsandsentinel.com.