Beneficient announced in January it had facilitated $15 million for rural development in Kansas by setting aside 2.5% of TEFFI transactions, as required by law. Kansas Reflector is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Posted in: Bonds and FINRA Arbitration July 5, 2022 11:12 am Russian TV Touts a Big Victory in Ukraine. The TEFFI bill passed the Senate by a 39-0 vote but met some resistance in the House. Beneficient declined to answer questions about the litigation. We may also ask to see or that you provide us with copies of your drivers license or other identifying documents. Dallas-based entrepreneur Brad Heppner became chairman of life-settlement business GWG Holdings Inc. promising to reinvigorate the company by pivoting into new alternative asset classes. Masterson, the Senate president, and Owens, the representative from Hesston, balked at Herndons concerns about damaging the reputation of the bank commission or the state of Kansas. Keeping this cookie enabled helps us to improve our website. One-fifth of that figure goes to the Department of Commerce while the rest goes to a charity of the TEFFIs choosing. Lawmakers and Gov. The contents hereof do not constitute an offer or solicitation to buy or sell any securities, financial instruments, products or services. Bradley Heppner is 54, he's been the Chairman of the Board of GWG Inc since 2019. , . Ive sold my companies to the biggest banks in the world. The regulator would not need to step in ever and oversee a failing institution., Lt. Gov. Mr. Heppner served as director of investments for John D. and Catherine T. MacArthur Foundation in Chicago from 1989 to 1993 after beginning his career in New York City at Goldman, Sachs & Co. as an analyst. Over the last 8 years, insiders at GWG Inc have traded over $0 worth of GWG Inc stock and bought 200,000 units worth $2,500,000 The Fincher Building at the Edwin L. Cox School of Business at Southern Methodist University is about to get a big upgrade, thanks to a $10 million commitment In the meantime, GWG Holdings agreed to purchase a majority stake in Beneficient. I get that.. 2020-12-14, Dallas County District Courts | Contract | How it Works: 1 Identify a need for liquidity for your alternative asset. , [ : (, )] Beneficient hopes to do $200 million to $250 million in transactions in the first year. Developed by Hughes Media She grew up in Augusta, Ga. and holds an MA in Investigative Journalism from The Cronkite School. Beneficient Company Group CEO Brad Heppner approached Kansas to designate the state as a haven for trust banks in the alternative assets industry. Its icy outside. Kansas officials were thrilled by Heppners proposal to boost rural development by setting aside a slice of the action from wealthy out-of-state investors through a mechanism that posed no financial risk to the state. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who establishes a relationship or carries out a transaction with the financial institution. . Theres been an awful lot of talk about a grocery store, OK? HESSTONBrad Heppner, chief executive officer and chairman of the board of directors for The Beneficient Company, unveiled his vision for Hesston during a called meeting Wednesday morning of Hesston City Council. Hepner later explained that he was talking 10 or more years in the future. By then, the Kansas Legislature had already passed the TEFFI legislation. In the final days of the session, the House and Senate gutted an unrelated bill, replaced it with the contents of the TEFFI bill, and forced a vote amid a torrent of other last-minute legislation that was up for consideration. Kansas Reflector is a nonprofit news operation providing in-depth reporting, diverse opinions and daily coverage of state government and politics. Our senior management team enjoys longstanding relationships with investors, general partners, and advisors of alternative asset funds. Credit rating company Equifax provided incorrect credit scores by up to 25 points for millions of Americans looking for auto loans, mortgages and credit cards between March and April. . The magazine placed PCA in its Fee Hog Hall of Shame. Frasier said the ability to provide audited financial statements is certainly one of the things that we look at and consider as part of the chartering process.. Heppner made his pitch to legislators in a March 22, 2021, hearing before a House committee and again on March 29, 2021, before a Senate committee. Cookies used: PHPSESSID, pum_alm_first_activity, pum_alm_last_activity. The Dillons grocery store in Newton is 9 miles from his mothers house near downtown Hesston. 4. Hesston native and Dallas businessman Brad Heppner has plans to bring a grocery store, retail and chapel to the towns main street, where he has opened an office for his technology-enabled fiduciary financial institution. Kansas officials cleared the way for TEFFI operations in exchange for the promise of rural development. Finally, one place to get all the court documents we need. He said the complex would include a 12,500-square-foot grocery store and possibly an upscale hotel modeled after the Rapp House. I tracked down the divine Miss Peck (she was hard to miss in the stunning Tibi dress she recently scored at Bolkes store The Conservatory) and asked about how she concocted such a fabulous affair. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. When Heppner sold Crossroads Group to Lehman Brothers in 2003, five years before the banking titan collapsed, the company managed about $2 billion worth of capital. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. It can take three months to a year. In 2003, Mr. Heppner organized Highland Consolidated Business Holdings, L.P. which is the predecessor-in-interest to Beneficient and reorganized into Beneficient in September 2017. The $800 million deal coincided with the unexplained resignation of the entire GWG Holdings board, leaving Heppner in charge of both companies. Any offer or sale of securities shall be made solely to accredited investors and solely pursuant to a definitive confidential private placement memorandum and related documents, including definitive subscription materials. Heppner also severed ties between the two companies, leaving GWG Holdings insolvent and investors holding worthless bonds. The commissioner expressed his disappointment for missing out on such a lucrative opportunity, Heppner said. Kansas was eager to help, seeing it as an economic growth opportunity. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. The legislation allows wealthy investors to create a tax-exempt trust. Now it has turned to the state of Kansas to help grow this segment. View Public Record Results ✓ Addresses. The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. Executive Committee, Audit Committee ChairEnterprise Risk Committee, Audit Committee We have a couple of people in the halls for the next two months, and Ill be coming in and out, he said. Fulks party was easily a highlight of the week of fabulous soires in conjunction with PaperCitys Texas Design Week and Kips Bay Decorator Show House Dallas. GWG Holdings, Inc. is an innovative financial services firm based in Dallas, Texas that is a leader in providing investments that are non-correlated to the traded markets, and unique liquidity solutions and services for the owners of illiquid investments. Gerald Ford. Mr. Heppner has acquired or founded ten operating companies principally in the financial services, investment and insurance sectors, each with a common business purpose of providing highly specialized solutions for alternative asset owners. In 2003, Mr. Heppner merged The Crossroads Group, a multi-billion dollar alternative asset manager, with Lehman Brothers, now Neuberger Berman. HESSTON Brad Heppners vision to transform his hometowns main street into a thriving commercial hub is so breathtaking, local and state officials would rather not question the operations of a uniquely regulated trust company he describes as a pawn shop for rich people. There is no guarantee they will produce cash. Brad was unfortunately in New York City, but JORDAN ZITOUN, et al vs. SAMUEL ELCHAMI, et al, VERSAILLES DALLAS, INC. vs. JORDAN ZITOUN, et al. Fletcher also said the company hasnt conducted any transactions since Dec. 31, but that it has a billion dollars worth of potential deals in our pipeline. The company doesnt finance assets from Russia or Hong Kong, as Owens claimed last year, Fletcher said. His aspirations now include a hotel, theater, museum, replica flour mill with an observation deck and restaurant, a green space with a chapel, and a new 40,000-square-foot city hall complex. requires a TEFFI to have at least three employees and 2,000 square feet of office space in Hesston or any town with fewer than 5,000 people in one of 78 Rural Opportunity Zone counties. Council approved spending $25,000 on engineering fees and applying for the grant through the state. Marker Address Rent ? from his mothers house near downtown Hesston. Kellogg Graduate School of Management at Northwestern University. WebBrad Heppner, The Beneficient Company, and Kansas TEFFI Act Understanding that the alternative assets industry is at an inflection point, Brad Heppner and the Beneficient Fulk was throwing the party alongside Brian Bolke and in-demand celebrity and architectural photographerDouglas Friedman. A federal class action lawsuit claims Heppner secured cash for Beneficient by defrauding investors. Heppner won support for the legislation by promising to bring a grocery store back to Hesston, and that was just the beginning of his plans. . Cant you get me a little bit of that money to reopen the grocery store here in town? Heppner said. . When Longbine, the finance committee chairman, explained the TEFFI program in a March 31, 2021, meeting of Senate Republicans, which a Kansas Reflector reporter attended and recorded, his colleagues wanted to know why the pilot program would be based in Hesston. Ben's Board of Directors includes industry leaders with direct market experience in the key aspects of Ben's business. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. House Status: Adjourned until Monday, January 09, 2023 at 02:00 p.m. Senate Status: Adjourned until Monday, and Brad Heppner answered two additional questions from Senator Pittman. And the best part of all, documents in their CrowdSourced Library are FREE! That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. 20 He also said the city complex might be scaled down in size. In an April 7 interview in his office in downtown Hesston, Emry said he has a fairly good pulse on the community fabric, and residents of the town only have good things to say about their native son. He said Heppner talked about helping with the expense. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Heppner said he was looking for community leaders to help create the vision. He said he learned that one had to be in the halls to get what he wanted. Heppner offered a solution. The bill received unanimous support in the Kansas Senate and bipartisan support of 82% in the House. It appears to me the ball remains in the Legislatures court, Herndon said in the email. Mom said, I gotta hang up because I got about an hour or two round-trip drive. Heppner won support for the legislation by promising to bring a grocery store back to Hesston, and that was just the beginning of his plans. We need to do whats necessary to win the grant, Heppner said. Brad received a B. Ben's management team includes industry veterans with broad fiduciary, investing, and operating experience in both the credit and alternative asset markets. I got to drive to Newton to get groceries the grocery store, the last one just closed down. But there are some components that have to be put together first.. Dallas-based investor and entrepreneur Brad K. Heppner currently serves as founder, chairman, and chief executive officer of Beneficent Trust Company Holdings, a trust partnership, and Private Equity National Indemnity, an insurance underwriting firm. He said if $4 million was too much for Hesston, then they should talk about it. The magazine placed PCA in its Fee Hog Hall of Shame. WebGetentrepreneurial.com: Resources for Small Business Entrepreneurs in 2022. Save all of your favorite content in one curated collection. Ive had many companies bought and sold, Heppner said in a Jan. 26 interview. Serving Texas-loved Fritos with beluga caviar was actually Douglas Friedmans idea, Peck divulged. There is no regulatory authority over it, Heppner said in the interview with Kansas Reflector. Heppner presented himself as a sixth-generation Kansan and joked that he had to leave Hesston to find a wife because everybodys related there. He talked about his mothers struggle to get groceries, calling Hesston a food desert., We think weve thought of everything, Heppner told senators. Hesston city manager Gary Emry said he doesnt even know what an alternative asset is, and that he isnt interested in reading about the lawsuits involving Heppner and his companies. filed March 4 by PCA in the chancery of Delaware accuses Heppner of failing to deliver all of the cash he promised. Mr. Heppner founded Heritage Highland in 1996 as a family office to organize, acquire and own as controlling or sole shareholder these operating companies. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City, who has called for an end to the TEFFI program. On average, GWG Inc executives and independent directors trade stock every 150 days with the average trade being worth of $127,781. A financial technology platform creates a more rapid process with simpler forms. Member FINRA/SIPC. Newcomer Kastra ElionVodka, owned by Dallas own. The new enterprise intersected with Paul Capital Advisors, or PCA, after Fortune Magazine criticized PCA for charging investors millions per year in management fees despite eliminating staff and closing offices while winding down its portfolio. Enterprise Risk Committee Neither our office, nor others in the bank and trust regulatory industry that we have consulted, fully understand the business model used here, Herndon said. Its designed to mostly operate via technology. Each bank gets to choose the rural community where its fees will be sent. Among the companies Mr. Heppner founded and sold is Capital Analytics, the third oldest alternative asset administration company in the United States, which is now owned by Mitsubishi Union Financial Group. The products and services described on this website may not be suitable for all users and you should consult with your legal, tax or other advisors prior to taking any action relating to the subject matter contained on this website. Hesston, Kansas, native and Dallas businessman Brad Heppner has plans to bring a grocery store, retail and chapel to his home town along with his "technology Dallas-based investor and entrepreneur Brad K. Heppner currently serves as founder, chairman, and chief executive officer of Beneficent Trust Company Holdings, a trust partnership, and Private Equity National Indemnity, an insurance underwriting firm. Hesston Village Park, the name Heppner gave to the vision, would include a plot of green space that is 20 percent larger than Heritage Park. A spokesman for Beneficient, responding to questions for this story, mistakenly sent Kansas Reflector an undated letter from the company to its clients marked privileged and confidential. The letters stated purpose: To verify the status of different accounts based on inquiries weve received.. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. Beneficient CEO Brad Heppner is a Hesston native and the drive to set up a TEFFI in Kansas has its roots in the city. Heppner, in the January interview with Kansas Reflector, said his goal in launching the TEFFI trade was to carve this out for Kansas and do it right., Dont do it with snake oil salesmen, Heppner said. A class action federal lawsuit filed Feb. 18 accuses Heppner of unloading $350 million worth of bonds secured by GWG Holdings and sweeping the cash to Beneficient before disclosing the SEC investigation in November 2021. It was a beyond fashionable crowd. Chairman There were questions about corporate structure and whether Beneficient could provide an audited financial statement. Compensation Committee Chair Executive Vice President Last updated: 1 January 2023 at 11:00am EST. . Customer Service. The estimated Net Worth of Brad K Heppner is at least $167 Thousand dollars as of 18 June 2020. What are the biggest changes to know before filing your 2022 taxes? In addition, he makes $143,132 as Chairman of the Board at GWG Inc. Mr. Heppner GWGH stock SEC Form 4 insiders trading 2. Within two years, Heppner predicts, as many as 50 companies eager to operate as a TEFFI could open an office in the town about 40 minutes north of Wichita. Kansas bank commissioner David Herndon appeared before the Senate Financial Institutions and Insurance Committee, , a day after Heppner testified, to outline unresolved concerns.. . These TEFFIs can finance alternative assets held in Kansas trusts and do it quickly with fintech. We thank you for your patience and hope that you will support the financial industrys efforts to deny terrorists and money launderers access to Americas financial system. These cookies do not store any personally identifiable information. 2011-2022 The Beneficient Company Group, L.P. 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