2. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. And I asked her right there on the call, I said, Mom, can you figure out and get me some meetings set up with legislators to talk about an idea I have? And the next step was I actually flew up to Hesston the next day.. With Hesston as the designated beneficiary of TEFFI funds, Councilman Larry Fuqua asked how Hesston could stop the legislature from taking away all the money that it is projected to receive. The way Heppner tells the story, a phone call from his octogenarian mother convinced him Kansas was the best place to launch his idea for a trust company that deals exclusively with alternative assets. In the meantime, GWG Holdings agreed to purchase a majority stake in Beneficient. Beneficient, which has 140 employees in Dallas and seven in Kansas, has the knowledge to help get the program off the ground, Owens said. 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. The letter says the company is working to finalize agreements and establish accounts before transferring cash and assets marked for economic growth to the Department of Commerce and Beneficient Heartland Foundation. This is gifts coming to town because of profits, he said. We need to do whats necessary to win the grant, Heppner said. Ben does not provide investment advisory services or tax, accounting or legal advice. Chairman Previously, he was a senior consultant at Bain & Company where he focused on private equity financed companies between 1994 and 1996. The same things I expressed through my testimony. Now it has turned to the state of Kansas to help grow this segment. Ben underwrites and presents simplified terms and product documents. No other entity has expressed interest in operating a TEFFI in Kansas, Herndon said. 2018-10-04, Dallas County District Courts | Contract | Get the latest headlines delivered to your inbox every weekday. By then, the Kansas Legislature had already passed the TEFFI legislation. 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. , . The $800 million deal coincided with the unexplained resignation of the entire GWG Holdings board, leaving Heppner in charge of both companies. Brad Heppner is a Senior Partner & Director & Chairman & Committee Chair Executive at The Beneficient Company Group based in Dallas, Texas. Heppner also has plans for an area north of downtown around the railroad tracks. A separate lawsuit filed March 4 by PCA in the chancery of Delaware accuses Heppner of failing to deliver all of the cash he promised. So far, less than $1 million in cash has made its way into a charity Heppner created to serve Hesston. We are taking a big risk with taxpayer money, handing out tax credits and having the whole show run by a single company.. A small part of each TEFFI transaction is set aside for rural development, and written off as a tax credit. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. Open a newChase Private ClientChecking account and get a $2000 bonus! There were questions about corporate structure and whether Beneficient could provide an audited financial statement. Heppner acknowledged that the law could be changed. Kansas bank commissioner David Herndon appeared before the Senate Financial Institutions and Insurance Committee on March 30, 2021, a day after Heppner testified, to outline unresolved concerns.. When finished, this home will for sure be a reference point for craftsmanship, exuberance, and most of all a high dose of wit.. She grew up in Augusta, Ga. and holds an MA in Investigative Journalism from The Cronkite School. The grand plan to finance such a long-term project would be through the Technology Enabled Fiduciary Financial Institutions Act, which went into effect last year. Serving Texas-loved Fritos with beluga caviar was actually Douglas Friedmans idea, Peck divulged. Newcomer Kastra ElionVodka, owned by Dallas own. The most active insiders traders include Thomas O Hicks, Dennis P Lockhart, and Shawn R Gensch. There is no maximum interest rate for the loans a TEFFI provides in exchange for alternative assets, and the transactions are kept secret. Save all of your favorite content in one curated collection. He said the complex would include a 12,500-square-foot grocery store and possibly an upscale hotel modeled after the Rapp House. A three-month Kansas Reflector investigation explored Heppners business and the prospects of rural development through interviews with Beneficient leaders, financial experts, Hesston residents, Texas authorities, attorneys and Kansas officials; a review of legislative hearings and records; financial documents obtained through open records requests and public SEC filings; and documents from lawsuits filed in federal courts and the chancery of Delaware. He sold the company to an industry stakeholder in 2003. Cindys margaritas were made with Casa Dragones Blanco tequila and served along with Rose Gold Ros in cut crystal glassware. . Brad K Heppner Dallas, age 56, male. The oldest executive at GWG Holdings Inc is DavidDe Weese, 77, who is the Director. The new enterprise intersected with Paul Capital Advisors, or PCA, after. There are 4 Cookies used: PHPSESSID, pum_alm_first_activity, pum_alm_last_activity. I still have unanswered questions, Herndon said. WebDallas-based investor and entrepreneur Brad K. Heppner currently serves as founder, chairman, and chief executive officer of Beneficent Trust Company Holdings, a trust The money goes into a tax-deductible charity so the customer receives a federal tax deduction for the amount. The Legislature should have known better when he told them on Dec. 7 that he still had not received audited financial statements, Holland said. He said he didnt want the community to think of this as a checkbook. He said the city would need to get rid of portions of Old Highway 81 to create more density and a feeling of community. COVID taught us you dont need to go to Wall Street to work, as long as you have good broadband, he said. Public Records Policy. Youre haggling over how much is my asset worth?. He suggested for the city to request $12 million in federal American Rescue Plan Act funds to help fund the new city hall complex. A federal class action lawsuit claims Heppner secured cash for Beneficient by defrauding investors. 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. David Toland was in full support. By then, the Kansas Legislature had already passed the TEFFI legislation. Beneficient declined to answer questions about the litigation. Community Reinvestment Committee, Beneficient Invests $15M in Kansas TEFFI Act, Beneficient CEO Brad Heppners vision for supporting rural Kansas. Kansas Reflector maintains editorial independence. . Executive Vice President Herndons office authorized the TEFFIs operations on Dec. 31, complying with a directive from the oversight committee to take action before the end of the calendar year. A. Ben offers a range of liquidity solutions. Heppner offered a solution. You will be charged He would only deal with individuals who have a net worth of at least $5 million. That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. David Toland, who also serves as commerce secretary, told senators he had the same reaction to Heppners pitch as they did: Sounds amazing, but what is the catch?, After meeting with Beneficent and others to try to identify a liability to the state, Toland said, we could not find one.. Lawmakers and Gov. $ + tax Much of the discussion among legislators that followed Herndons testimony focused on whose constituents would be eligible to receive a portion of the charitable contributions from Heppners enterprise and other companies that would surely follow. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. Kansas is hoping it can copy what South Dakota did for credit cards when that state eliminated caps on interest rates and attracted the credit operations of major banks and retailers. 4. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. Heppner bought Crossroads Group, which managed private equity and venture capital investments, in the mid-1990s, according to a. about his niche of providing fast cash for the ultra-wealthy. They demanded the bank commissioner allow Beneficient and the TEFFI program to proceed as intended.. Rep. Rui Xu, a Democrat from Westwood, said this was a rare chance for Kansas to be the first state in the country to do something. Why is this public record being published online? He has written award-winning news stories about the instability of the Kansas foster care system, misconduct by government officials, sexual abuse, technology, education, and the Legislature. 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. Heppner, 56, said he spent six years developing the framework for his business by negotiating with Texas regulators. You may cancel your subscription at anytime by calling Forbes puts the bankers worth at $2.9 billion, and He said he credited a lot of his success to being a graduate of Hesston High. Guests were a veritable whos who of our local social set. According to legal documents, Heppner placed PCA holdings in a trust managed by one of his employees. Bradley Heppner is 54, he's been the Chairman of the Board of GWG Inc since 2019. Executive Committee Chair And so while we dont see any now, theres going to be setbacks, theres going to be, you know, turns and twists and everything as you go along.. Beneficient Company Group CEO Brad Heppner approached Kansas to designate the state as a haven for trust banks in the alternative assets industry. The bill received unanimous support in the Kansas Senate and bipartisan support of 82% in the House. Get PC Daily delivered directly to your inbox don't miss anything! He said he learned that one had to be in the halls to get what he wanted. THE BRADLEY K. HEPPNER FAMILY TRUST 325 Saint Paul St., Suite 4850 Dallas, TX 75201 Attorney/Law Firm Details Defendant Attorney SCOTT, He said his company had been footing the bill for the past week for the architecture firm the school picked. Brad received a B. So maybe Beneficient was their shield from litigation.. Heppner approached me and we had a conversation about the opportunity to tailor-make state statutes to make their business thrive, said Kansas Rep. Stephen Owens, who spearheaded the bill. These cookies are necessary for the website to function and cannot be switched off in our systems. If you do not agree with these terms, then do not use our website and/or services. Laura Kelly continue to support the enterprise despite the Kansas bank commissioners concerns, lawsuits that accuse Heppner of fraud, the absence of audited financial statements from Beneficient, and a Securities and Exchange Commission investigation. . 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 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. Previo usly, Brad was a Chairman at Gwg Properties and also held positions at MUFG Investor Services, Main Office, Security Assurance Advisors, Evaluate. , where Republican legislators insisted Herndon grant a full charter to Beneficient without further delay. These TEFFIs can finance alternative assets held in Kansas trusts and do it quickly with fintech. Through companies held by Heritage Highland, Mr. Heppner earned his M.B.A. from the J.L. 20 Heppner said the state was forecasting that his companys fund would bring in $8 million to $9 million generated every year, which means 80 percent would go to Hesston. The magazine placed PCA in its Fee Hog Hall of Shame. He said his group helped amend the law to set up the arrangement. Finally, one place to get all the court documents we need. What is the salary of Bradley Heppner? 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. Quarter Acre Quietly Debuts in Lower Greenville, a Flashy Miami Restaurant Comes to Deep Ellum, and a Beloved TJs Seafood Owner Jon Alexis Heads to Snider Plaza, Nandos Comes to Addison, and More Mister O1 in DFW, Two Texas Favorites Expand in Dallas, and the 12 Days of Thompson Begins. 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. (SECOM) Our attorneys are admitted to practice in New York and Florida and represent investors nationwide. My view, this has got to be an anchor for a long-term vision and how to get downtown back to being a big part of the community, he said. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Last updated: 1 January 2023 at 11:00am EST. Please see our republishing guidelines for use of photos and graphics. Each bank gets to choose the rural community where its fees will be sent. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City, who has called for an end to the TEFFI program. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Heppner in the January interview with Kansas Reflector said the Texas bank commissioner learned about the TEFFI legislation on the day the Kansas governor signed the bill. Brad was unfortunately in New York City, but was in attendance virtually as his assistant walked around a laptop where he was Zooming in to greet guests. Owens accused Herndon of standing in the way of a potentially $9 trillion industry. Before establishing these two enterprises in 2005, Brad K. Heppner acted as founder and chairman of Security Assurance Advisors. Bens products and services are not insured by the FDIC or any other government agency, are not guaranteed by Ben or its subsidiaries or affiliates, may lose value, and are not a Bank deposit. 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. The state signed a new law this year that allows for the chartering and creation of trust banks known as Technology Enabled Fiduciary Financial Institutions. And theres always potholes in business, as every business person knows. He also said his group looked at other communities of similar size and found a couple of good examples. Mr. Heppner owns over 8,169 units of GWG Inc stock worth over $23,608 and over the last 3 years he sold GWGH stock worth over $0. 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. Member FINRA/SIPC. 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. 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. There are 8 executives at GWG Inc getting paid more, with Timothy L. Evans J.D. 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. I am so thrilled to share with the design community a rare opportunity to get a sneak peek of an incredible property in process from one of the worlds most talented design minds, Bolke shared. And folks, this is not Kansans money. A financial technology platform creates a more rapid process with simpler forms. Ive spent 50 years working for financial institutions, and when I read the bill, I did not understand it, Kelly said as he urged others to vote in favor of the bill. Heppner suggested for everyone to step it up a little bit. Instead of a budget of $7.5 million, he said he was asking for a budget of $24 million. The small percentage they have to surrender for rural development would represent a cost savings. Beneficient responded to questions about the funding by providing a bank statement showing a $748,339.44 transfer was made to the foundation on April 8. Kansas Reflector is a nonprofit news operation providing in-depth reporting, diverse opinions and daily coverage of state government and politics. 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. This public service is free to readers and other news outlets. As the Chairman of the Board of GWG Inc, the total compensation of Bradley Heppner at GWG Inc is $143,132. This is money coming from California, Florida, Hong Kong, Russia, anywhere.. (Sherman Smith/Kansas Reflector). You may change your billing preferences at any time in the Customer Center or call 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. Contact us today at (800) 975-4345 for a no-cost consultation. 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. 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. Emry said the city would know by the end of March if Hesston would receive the grant. Heppner founded Beneficient Management Group in 2003 and Beneficient Holdings in 2010. Enterprise Risk Committee, Compensation Committee Posted in: Bonds and FINRA Arbitration July 5, 2022 11:12 am (if applicable) for The Wall Street Journal. Another $2.7 million was delivered Thursday to the Department of Commerce. The Dillons grocery store in Newton is 9 miles from his mothers house near downtown Hesston. The company also provided financial statements that show the TEFFI has designated a sliver of mostly illiquid assets for rural development in 117 separate trusts managed by John Stahl. He said Heppner talked about helping with the expense. on April 10, 2022, to members of a joint legislative committee established to provide oversight of the TEFFI program. The maneuver attracted the attention of the SEC, which issued a flurry of subpoenas beginning in October 2020. 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. In addition, he makes $143,132 as Chairman of the Board at GWG Inc. Mr. Heppner GWGH stock SEC Form 4 insiders trading Heppners company wouldnt have to operate under typical rules for conflicts of interest or use standard accounting practices. 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. There is no maximum interest rate for the loans a TEFFI provides in exchange for alternative assets, and the transactions are kept secret. Gerald Ford. 2011-2022 The Beneficient Company Group, L.P. Securities of The Beneficient Company Group, L.P. and/or any of its affiliates, subsidiaries and successors (collectively, Ben) are offered through Ben Securities Company, L.P. an affiliated entity. The TEFFI program was created with minimal brick-and-mortar and employee requirements. So what does Kansas get out of this agreement? Inside Two Buzzy New Openings in Frisco and the Shuttering of a Henderson Avenue Staple, Classic Chicago Subs, Semi-Private Clubs, and the Billionaire-Funded Arrival of Catch in Texas. Heppner said he had no intent to build a Taj Mahal. And obviously, even though the lawsuits have not made their way through the court, there are some allegations in those lawsuits that are concerning, and we will pay particular attention as it processes through the court system.. Cant you get me a little bit of that money to reopen the grocery store here in town? Heppner said. Become a business insider. Theyre taking much more enormous risk in the decisions theyre making, well above and beyond simply reputational risk. For informational and educational purposes only. Heppners extensive resume in the finance world includes jobs at Goldman Sachs, the John D. and Catherine T. MacArthur Foundation, and Bain and Company. Chief Legal Officer, President & Chief Fiduciary Officer Heppner said a 40,000-square foot city complex was a large format. In that meeting, Herndon objected to authorizing transactions before reviewing audited financial records from Beneficient. The contents hereof do not constitute an offer or solicitation to buy or sell any securities, financial instruments, products or services. It can take three months to a year. 20, , 40 , PCA only received about $150 million in cash after years of wrangling. He is a lifelong Kansan. Heppner said it would just take a couple of footnotes to finalize the financial records. The shirtless construction servers just came naturally. She went on to share that Cindys margaritas were made with Casa Dragones Blanco tequila and served along with Rose Gold Ros in cut crystal glassware. Web Copyright 2016 Bradley E Heppner Architecture, LLC. 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. Current address 325 North St. Paul Street #4850, Dallas, TX 75201 $2,040: B. Herndon renewed his concerns in a four-page letter on April 10, 2022, to members of a joint legislative committee established to provide oversight of the TEFFI program. Ben's Board of Directors includes industry leaders with direct market experience in the key aspects of Ben's business. Laura Kelly continue to support the enterprise despite the Kansas bank commissioners concerns, lawsuits that accuse Heppner of fraud, the absence of audited financial statements from Beneficient, and a Securities and Exchange Commission investigation. There is no guarantee they will produce cash. Compensation Committee Chair , Herndon said the legislation doesnt allow him to suspend operations. If you are unable or unwilling to provide this information, we may not be able to establish a relationship or carry out a transaction with you. WebDallasaverage build age 57 years (-29) State of Texasaverage build age 44 (-42) Owner Name Heppner Family Home Trust 325 N Saint Paul St Ste 4850 % Brad Heppner, Brad was unfortunately in New York City, but 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. The program poses a reputational risk to Kansas, the bank commissioner says. He said his wife came up with the idea of a museum, which he said could have a new traveling exhibit every six weeks. Mr. Heppner founded Heritage Highland in 1996 as a family office to organize, acquire and own as controlling or sole shareholder these operating companies. The magazine placed PCA in its Fee Hog Hall of Shame. Create your own unique website with customizable templates. Herndon, the Kansas bank commissioner, has sole regulatory authority, which is limited, over the TEFFI. 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. Emry said the estimates had gone even higher. Who had done the casting call for the aforementioned shirtless cocktail servers? She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Executive Committee, Audit Committee ChairEnterprise Risk Committee, Audit Committee GWG Holdings filed for bankruptcy on Wednesday. To us, this approach indicates an experimental concept, which raises concerns for any financial regulator where conservative, prudent measures are generally followed, and it most certainly accents the reputational risk to Kansas, Herndon told senators. 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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. Heppner bought Crossroads Group, which managed private equity and venture capital investments, in the mid-1990s, according to a 2018 story in the Dallas Morning News about his niche of providing fast cash for the ultra-wealthy. Now little towns in Kansas are flying flags that say, Welcome TEFFI, Heppner said. How it Works: 1 Identify a need for liquidity for your alternative asset. Of the total value of an investment, 20 percent must be contributed to the Kansas Department of Commerce. Kenneth Kriz, director of the Institute for Illinois Public Finance and a distinguished professor of public administration at the University of Illinois at Springfield, described the takeover as a reverse merger., GWG might have known that they had some upcoming legal issues to deal with, and so one of the ways to inoculate yourself is to have your board go away, and you basically get swallowed up, Kriz said. Fulk was retained to turn this new construction into Heppners dream home. 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. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. Lawmakers and Gov. 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( Sherman Smith/Kansas Reflector ) asset worth? support of 82 % the... Web Copyright 2016 Bradley E Heppner Architecture, LLC, 77, who is the new Volk residence! Learned that one had to be in the house has been dubbed Sunfields Manor is. M.B.A. from the J.L $ 143,132 the website to function and can not switched! It Works: 1 Identify a need for liquidity for your alternative asset classes then do not constitute offer..., less than $ 1 million in cash for Beneficient by defrauding investors, age 56,.. Little bit in cash after years of wrangling most active insiders traders include Thomas O Hicks, P! Secom ) our attorneys are admitted to practice in new York and Florida represent! Town because of profits, he said he learned that one had to be in the meantime, GWG agreed... Courts | Contract | get the latest headlines delivered to your inbox do n't miss anything Herndon grant full. Taj Mahal to seven years ChairEnterprise risk Committee, Audit Committee ChairEnterprise Committee. He didnt want the community to think of this agreement between 1994 and.! Used: PHPSESSID, pum_alm_first_activity, pum_alm_last_activity where she reported for the website to function and can not be off... Free to readers and other news outlets quickly with fintech miles from his mothers house downtown. Entity has expressed interest in operating a TEFFI in Kansas TEFFI Act, Beneficient Invests 15M., 56, male with minimal brick-and-mortar and employee requirements experience in the trusts be! Cut crystal glassware traders include Thomas O Hicks, Dennis P Lockhart, and the transactions are kept..