Executive Committee, Audit Committee ChairEnterprise Risk Committee, Audit Committee 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. He said he didnt want the community to think of this as a checkbook. Kellogg Graduate School of Management at Northwestern University. It will also help market the program to bring in other banks. Dallas-based Beneficient going public via SPAC in deal valuing it at $3.5 billion The company works in the fast-growing $12 trillion alternative assets market. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. I got to drive to Newton to get groceries the grocery store, the last one just closed down. Ive sold my companies to the biggest banks in the world. The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. Ive had many companies bought and sold, Heppner said in a Jan. 26 interview. Rep. Stephen Owens, a Republican from Hesston, touted the new program, Senate President Ty Masterson, a Republican from Andover, and Sen. Jeff Longbine, a Republican from Emporia who serves as chairman of the Senate finance committee, insisted in an April 7 letter to the bank commissioner that, are inconsequential. Heppner founded Beneficient Management Group in 2003 and Beneficient Holdings in 2010. 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. , . Heppner described it as a chicken-and-egg scenario: Beneficient couldnt close the books until TEFFI transactions were processed, and those transactions were contingent upon having a charter from the bank commissioner. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. View Public Record Results ✓ Addresses. Forbes puts the bankers worth at $2.9 billion, and VERIFIED PETITION REQUESTING DEPOSITION TO INVESTIGATE POTENTIAL CLAIM OR SUIT, Cases involving other matters not classified elsewhere, 890, 1890, 1990, 2890, 2899, 2999, 3375, 3890, 3896, 3899, 3999, 4890, 4896, 4999, EX PARTE vs.AURELIA HEPPNER, BRADLEY K. HEPPNER, THE BRADLEY K. HEPPNER FAMILY TRUST, DISMISSAL HEARING; Judicial Officer: GREENBERG, MARK; Hearing Time: 9:00 AM; Comment: dwop, MOTION - HEARING; Judicial Officer: RENTERIA, JUAN; Hearing Time: 10:30 AM; Comment: RULE 202 PETITION JONATHAN SCOTT (ZOOM)-30 MIN 214-999-2901 06/02/22 SENT ZOOM, Financial info for HEPPNER, AURELIA : STATE CREDIT; ; $137.00, Financial info for HEPPNER, AURELIA : CREDIT CARD - TEXFILE (CC); Receipt # CV-2022-01644; HEPPNER, AURELIA $213.00, Financial info for HEPPNER, AURELIA : Transaction Assessment; ; $350.00, Financial: HEPPNER, AURELIA ; Total Financial Assessment $350.00 ; Total Payments and Credits $350.00. A spokesman for Beneficient, responding to questions for this story, mistakenly sent Kansas Reflector, 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., On this Kansas communitys Main Street, the moral risk of, Kansas banking commissioner pleads for greater oversight of, Kansas senator seeks suspension of Beneficient's novel. These assets are typically holdings in private equity or venture capital, but also could be investments in private real estate, natural resources or, theoretically, expensive art, antiques and wine. I really want to see it happen quicker rather than later, because my mothers in her early 80s, and Id like to see this get done so she can enjoy shopping in that store for a decade.. Brad Heppner, CEO of Beneficient Company Group, is building a new financial services firm in Dallas that serves the nation's growing number of millionaires. Sign In. WebBrad K. Heppner Chief Executive Officer James G. Silk Executive Vice President Chief Legal Officer Derek Fletcher President & Chief Fiduciary Officer Wealth Strategies Some of those spotted enjoying the whimsical interiors were Christen Wilson, Kelliand Gerald Ford (who live around the corner), April Manson (who made the trip up from her new home in Austin), Brad Kelly, Christie Williams,Rob Dailey, Gonzalo Bueno, and Michael McCray, Brian Bolkes husbandFaisal Halum, and Houstons very own Becca Cason Thrash. Those would include Mayor David Kauffman, City Administrator Gary Emry, Superintendent Ben Proctor, the president of the Hesston Chamber of Commerce, family members of a business and industry, the president of Bluestem Communities, the president of Hesston College, a member of the Hesston Ministerial Alliance and three members from his company. Ben offers a range of liquidity solutions. So that might be a blind spot for the Legislature and for the governor because they probably historically relied on regulators to oversee the financial institutions, and it doesnt look like thats taking place.. He said the complex would include a 12,500-square-foot grocery store and possibly an upscale hotel modeled after the Rapp House. He also said his group looked at other communities of similar size and found a couple of good examples. Create your own unique website with customizable templates. It wasnt clear, Herndon said, whether he would have the authority to close the business, as he does with other financial institutions. Heppners company wouldnt have to operate under typical rules for conflicts of interest or use standard accounting practices. The letter said the bank commissioner still hasnt received audited financial records from Beneficient; the location of charitable contributions appears to be a mystery; allegations in lawsuits of fraud and misrepresentation are alarming; and the exact relationship between Beneficient and GWG Holdings has never been made clear. On the Ground, Its More Complicated. Longbines simple explanation was met with laughter: Thats where mom lives. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City, who has called for an end to the TEFFI program. 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. There is no guarantee they will produce cash. So maybe Beneficient was their shield from litigation.. A Dallas-based financial services company recently got in the business of offering fast liquidity for alternative assets. The Dillons grocery store in Newton is 9 miles from his mothers house near downtown Hesston. I get that.. THE BRADLEY K. HEPPNER FAMILY TRUST 325 Saint Paul St., Suite 4850 Dallas, TX 75201 Attorney/Law Firm Details Defendant Attorney SCOTT, He sold the company to an industry stakeholder in 2003. Beyond the magazine. (SECOM) A. . 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We need a whole program on how to encourage a favorable view with our grant.. Kansas was eager to help, seeing it as an economic growth opportunity. , where Republican legislators insisted Herndon grant a full charter to Beneficient without further delay. (Photo by Jonathan Zizzo), Billy Fong, Brooke Dowdy, Lisa Collins Shaddock (Photo by Jonathan Zizzo), Brian Bolke, Becca Cason Thrash (Photo by Jonathan Zizzo), Lloyd Princeton, Gonzalo Bueno, Michael McCray (Photo by Jonathan Zizzo), Abbie Currie, Jane Scott Hodges (Photo by Jonathan Zizzo), Mike & Bryan Yates (Photo by Jonathan Zizzo), Nancy Rogers, Brian Bolke, Tina Chen Craig (Photo by Jonathan Zizzo), Doniphan Moore, Tanner Moussa (Photo by Jonathan Zizzo), Brian Bolke, Faisal Halum (Photo by Jonathan Zizzo), Stacy & Mack Hicks (Photo by Jonathan Zizzo), Josh & Tracy Madans, Rob Dailey (Photo by Jonathan Zizzo), The entertainment at Sunrise Manor. Website Design by, The Dallas Institute of Humanities and Culture, Women's Auxiliary of The Salvation Army Dallas Fashion Show And Luncheon. Mom said, I gotta hang up because I got about an hour or two round-trip drive. Chief Legal Officer, President & Chief Fiduciary Officer A schematic he showed council members depicted a 40,000-square foot building for city hall, police and fire services on one end of a downtown square and a non-denominational chapel anchoring the other end. It cant operate yet but is working with the state banking commissioner to determine rules and oversight. 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. The regulator would not need to step in ever and oversee a failing institution., Lt. Gov. 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 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Heppner said Kansas was the first state in the nation to have such a law. Lawmakers and Gov. And theres always potholes in business, as every business person knows. 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. Ben's Board of Directors includes industry leaders with direct market experience in the key aspects of Ben's business. These are towns with populations under 5,000 and without a principal industry. Emry said Feb. 28 was the deadline for getting a grant proposal to the state for ARPA funds. He cited Georgetown, Texas, which is a suburb of Austin, and University Park, which is surrounded by Dallas on three sides. When we as the government get out of the way, its a win-win.. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. You will be charged David Toland was in full support. This website uses cookies to provide you with the best browsing experience including downloadable documents. Receive small business resources and advice about entrepreneurial info, home based business, Public Records Policy. As the Chairman of the Board of GWG Inc, the total compensation of Bradley Heppner at GWG Inc is $143,132. His mother told him that community reinvestment could allow owners to reopen the grocery store and other businesses. 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. Heppner offered a solution. 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. DEIJ Policy | Ethics Policy | Privacy Policy. Why is this public record being published online? on Dec. 23, 2021, against GWG Holdings describes a scheme in which the company gambled on when people would die. Enterprise Risk Committee Chair Compensation Committee Enterprise Risk Committee GWG Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Heppner presented legislation that would allow him to operate a trust company that only deals within a volatile market providing immediate cash as a loan for high-value assets that arent traded publicly and cant be easily sold. The magazine placed PCA in its Fee Hog Hall of Shame. These materials do not constitute an offer to sell or the solicitation of an offer to buy securities. Kansas bank commissioner David Herndon appeared before the Senate Financial Institutions and Insurance Committee, , a day after Heppner testified, to outline unresolved concerns.. Ben's management team includes industry veterans with broad fiduciary, investing, and operating experience in both the credit and alternative asset markets. Cookies used: PHPSESSID, pum_alm_first_activity, pum_alm_last_activity. The bill received unanimous support in the Kansas Senate and bipartisan support of 82% in the House. 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. 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. Posted in: Bonds and FINRA Arbitration July 5, 2022 11:12 am 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. B. Emry said the city would know by the end of March if Hesston would receive the grant. a Dec. 7 meeting of the oversight committee. The maneuver attracted the attention of the SEC, which issued a flurry of subpoenas beginning in October 2020. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. To provide you with the best browsing experience including downloadable documents, 60 % off clearance with American promo... 60 % off clearance with American Eagle promo code, 20 % off with! 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