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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 4 Our attorneys are admitted to practice in New York and Florida and represent investors nationwide. B. 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. . What are the biggest changes to know before filing your 2022 taxes? 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. 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. Additionally, Herndon had discovered Beneficients parent company, GWG Holdings, had an F rating from Charles Schwab. 3PL . He is a lifelong Kansan. Rep. Stephen Owens, a Republican from Hesston, touted the new program in an interview with KAKE-TV during an April 2021 news conference. 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. The contents hereof do not constitute an offer or solicitation to buy or sell any securities, financial instruments, products or services. $32,485,760. Contact Editor Sherman Smith for questions: info@kansasreflector.com. Heppner founded Beneficient Management Group in 2003 and Beneficient Holdings in 2010. Emry said the city would know by the end of March if Hesston would receive the grant. He also said his group looked at other communities of similar size and found a couple of good examples. . 2 Open a custody account through a safe and secure online portal to Ben. Of the total value of an investment, 20 percent must be contributed to the Kansas Department of Commerce. In. Fidelity to give $250 million to Black, Hispanic hard-working B students, DFW Airport again ranks second in nation for guns found at TSA checkpoints, 12+ Lunar New Year food events and specials at D-FW restaurants, French bistro La Parisienne to open at The Star in Frisco, New Chick-fil-A opens in downtown Dallas this week, La Casita has become one of the biggest bakeries in D-FW, and its just getting started, Life-saving blood stem cell donor needed for Campbell Fearing, son of Dallas restaurateurs, Dallas might give residents some refund for missed trash, recycling, Cowboys sideline exclusive: The curious case of Brett Maher and the missing K balls, After days of warm weather, North Texas is getting cold again, Prime Prosper corner just north of Universals future Frisco theme park hits the market, New Frisco shopping center is moving ahead with developer funding, National Democrats are discovering the Texas border. 20 As the Chairman of the Board of GWG Inc, the total compensation of Bradley Heppner at GWG Inc is $143,132. 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. The $800 million deal coincided with the unexplained resignation of the entire GWG Holdings board, leaving Heppner in charge of both companies. 2. Kansas Reflector maintains editorial independence. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. As a reporter, I rely on UniCourt to keep on top of the latest filings and developments on cases involving celebrities and corporations. Heppner said he was looking for community leaders to help create the vision. According to legal documents, Heppner placed PCA holdings in a trust managed by one of his employees. 20, , 40 , South Dakota looked like a promising alternative. 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. If the designer of said house is Ken Fulk, then emblazon those white hard hats with his name and voila youve made the guests happy (or at least the girls and gay boys in attendance). Beyond the magazine. Brad Heppner has built a new company in Dallas on the idea that as the numbers of U.S. millionaires rise, investors will be looking for more than stock, bonds and 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. Heppner founded Beneficient Management Group in 2003 and Beneficient Holdings in 2010. COVID taught us you dont need to go to Wall Street to work, as long as you have good broadband, he said. 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. Each bank gets to choose the rural community where its fees will be sent. There are 8 executives at GWG Inc getting paid more, with Timothy L. Evans J.D. 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. Wealth Strategies Director, Global Head of Originations & Distribution. 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. Stand by and watch, Emry said. The TEFFI program was created with minimal brick-and-mortar and employee requirements. The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. System Heppner said a 40,000-square foot city complex was a large format. They demanded the bank commissioner allow Beneficient and the TEFFI program to proceed as intended.. DEIJ Policy | Ethics Policy | Privacy Policy. Derek Fletcher, president and chief financial officer for Beneficient, said in an email that the company hired an accountant in March and will have the books in order by July. And I believe its going to happen, and I believe its going to happen within the next 18 to 24 months, maybe sooner. He is a magna cum laude graduate and Most Distinguished Alumnus of Southern Methodist University, where he received a B.S., a B.B.A. 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. 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. 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. . Anybody that has done anything great in the history of this world has taken risk in most cases, much more than just reputational risk in moving first, in being ahead of the competition, Owens said. We may also ask to see or that you provide us with copies of your drivers license or other identifying documents. 6. 4. 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. Dallas entrepreneur Brad Heppner used money from retail investors to help repay debt he incurred to acquire and develop a nearly 1,500-acre Texas ranch, 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. He has launched numerous businesses of his own, including some based in Bermuda. ERP The commissioner expressed his disappointment for missing out on such a lucrative opportunity, Heppner said. 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.. Longbines simple explanation was met with laughter: Thats where mom lives. Another $2.7 million was delivered Thursday to the Department of Commerce. We are taking a big risk with taxpayer money, handing out tax credits and having the whole show run by a single company.. Bradley Heppner is 54, he's been the Chairman of the Board of GWG Inc since 2019. He also said there was some discussion of skin in the game, and if that was the expectation for the city, he would like council members to know going forward. The rest of the funding may not be available for years. I still have unanswered questions, Herndon said. 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. By then, the Kansas Legislature had already passed the TEFFI legislation. 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. 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. Rather, the intent is to create a place where youths would want to live and grow. 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. We are delighted that you'd like to resume your subscription. 2018-10-04, Dallas County District Courts | Contract | , He said the rest could go to a foundation, like Beneficent Heartland Foundation, which will benefit Hesston. This is expected to generate $10 million to $20 million in the first few years and grow significantly over the next 10 to 20 years as more banks get involved and want to create TEFFIs in Kansas. Posted in: Bonds and FINRA Arbitration July 5, 2022 11:12 am Now it has turned to the state of Kansas to help grow this segment. The firm holds the distinction as the first registered risk advisor emphasizing fraud coverage for institutional investors. A financial technology platform creates a more rapid process with simpler forms. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. There is no guarantee they will produce cash. In that meeting, Herndon objected to authorizing transactions before reviewing audited financial records from Beneficient. 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, a GWG Holdings associate. Sign up to Stock Advisor for $79 for 1 year, All Jeans + Pants 25% off! a Dec. 7 meeting of the oversight committee. Heppner acknowledged that the law could be changed. Individuals and institutions who need cash for their assets could avoid having to worry about paying accountants, lawyers, tax preparers and investment consultants to orchestrate the transaction, Heppner said. Heppner also severed ties between the two companies, leaving GWG Holdings insolvent and investors holding worthless bonds. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. They should have said, Whoa, time out, stop the presses. But no, that wasnt good enough for Heppner, and Masterson was like, Full speed ahead. And Owens was the same way.. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. The TEFFI bill passed the Senate by a 39-0 vote but met some resistance in the House. 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 Ben underwrites and presents simplified terms and product documents. At the time of the interview, the Beneficient Heartland Foundation hadnt received any money from the TEFFI. Ben's Board of Directors includes industry leaders with direct market experience in the key aspects of Ben's business. _gid, _ga, _gat_UA-138250806-1, doubleclick.net, ads.linkedin.com. She grew up in Augusta, Ga. and holds an MA in Investigative Journalism from The Cronkite School. This is money coming from California, Florida, Hong Kong, Russia, anywhere.. 3481 Paseo Verde Ave, Merced, CA 95348, lived here 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. Cookies used to let him launch the nations first technology-enabled fiduciary financial institution known as a TEFFI which is operated by his Dallas-based company, Beneficient. Brad was unfortunately in New York City, but , . The only lawmaker who strongly objected to the legislation was Rep. John Carmichael, a Wichita Democrat who scoffed at the beautifully printed, glossy, heavy stock paper brochure he found on his desk that morning, prepared by something called Ben. 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