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. Save all of your favorite content in one curated collection. Kansas Reflector maintains editorial independence. 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. The $800 million deal coincided with the unexplained resignation of the entire GWG Holdings board, leaving Heppner in charge of both companies. Cancellation and Refund Policy, Privacy Policy, and He said the state made a big commitment to TEFFI and that Lt. Gov. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. Beneficient handled $357 million in transactions for assets on Dec. 31, Heppner said in the interview with Kansas Reflector. 99 luxury condos above Houston's first Thompson Hotel. Theres been an awful lot of talk about a grocery store, OK? The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. Its like the Wild West. The magazine placed PCA in its Fee Hog Hall of Shame. This public service is free to readers and other news outlets. Website Design by, The Dallas Institute of Humanities and Culture, Women's Auxiliary of The Salvation Army Dallas Fashion Show And Luncheon. 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 allegations made in the lawsuits are inconsequential. for charging investors millions per year in management fees despite eliminating staff and closing offices while winding down its portfolio. View Public Record Results ✓ Addresses. The Legislature should have known better when he told them on Dec. 7 that he still had not received audited financial statements, Holland said. A TEFFI is different from other financial institutions because it only deals in alternative assets, the kind that hold value but dont produce a regular cash flow, and the legislation requires the bank commissioner to grant a company an operating charter without undergoing the usual examination to determine whether it is safe to do business with the company. Kansas was eager to help, seeing it as an economic growth opportunity. Current address 325 North St. Paul Street #4850, Dallas, TX 75201 $2,040: B. Beneficient declined to answer questions about the litigation. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. He has launched numerous businesses of his own, including some based in Bermuda. 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. Now little towns in Kansas are flying flags that say, Welcome TEFFI, Heppner said. 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. 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. on April 10, 2022, to members of a joint legislative committee established to provide oversight of the TEFFI program. He said if $4 million was too much for Hesston, then they should talk about it. Longbines simple explanation was met with laughter: Thats where mom lives. He said he didnt want the community to think of this as a checkbook. THE BRADLEY K. HEPPNER FAMILY TRUST 325 Saint Paul St., Suite 4850 Dallas, TX 75201 Attorney/Law Firm Details Defendant Attorney SCOTT, 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. JORDAN ZITOUN, et al vs. SAMUEL ELCHAMI, et al, VERSAILLES DALLAS, INC. vs. JORDAN ZITOUN, et al. 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. Finally, one place to get all the court documents we need. That comes with a certain degree of uncertainty. He said the city would need to get rid of portions of Old Highway 81 to create more density and a feeling of community. 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 it would just take a couple of footnotes to finalize the financial records. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. Stand by and watch, Emry said. (Photo by Jonathan Zizzo). 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. 3481 Paseo Verde Ave, Merced, CA 95348, lived here And that is when the lightbulb went off. Enterprise Risk Committee 3. 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. He said there were so many ways to pull fingers into downtown, with each road serving as a finger. Brad Heppner is a Senior Partner & Director & Chairman & Committee Chair Executive at The Beneficient Company Group based in Dallas, Texas. Theyre taking much more enormous risk in the decisions theyre making, well above and beyond simply reputational risk. He also said his companys forecast was two to three times that amount. 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 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. 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. He said his wife came up with the idea of a museum, which he said could have a new traveling exhibit every six weeks. Beneficient CEO Brad Heppner is a Hesston native and the drive to set up a TEFFI in Kansas has its roots in the city. Following that role, he joined the John D. and Catherine T. MacArthur Foundation, where he administered more than $3 billion in investments. 4. 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. 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, The program poses a reputational risk to Kansas, the bank commissioner says. Please enable Strictly Necessary Cookies first so that we can save your preferences. 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. . 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. I got to drive to Newton to get groceries the grocery store, the last one just closed down. Emry said in a recent conversation with Heppner the two talked about the citys match then the level of the project, which engineers estimated to be $7 million to $10 million. Executive Committee 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. Our senior management team enjoys longstanding relationships with investors, general partners, and advisors of alternative asset funds. Sign In. 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. But there are some components that have to be put together first.. He said his group helped amend the law to set up the arrangement. Contact us today at (800) 975-4345 for a no-cost consultation. 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. The same things I expressed through my testimony. 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. The most active insiders traders include Thomas O Hicks, Dennis P Lockhart, and Shawn R Gensch. What are the biggest changes to know before filing your 2022 taxes? Community Reinvestment Committee, Beneficient Invests $15M in Kansas TEFFI Act, Beneficient CEO Brad Heppners vision for supporting rural Kansas. The most recent stock trade was executed by Bruce William Schnitzer on 18 June 2020, trading 8,169 units of GWGH stock currently worth $23,608. Another $2.7 million was delivered Thursday to the Department of Commerce. And the best part of all, documents in their CrowdSourced Library are FREE! And theres always potholes in business, as every business person knows. ERP He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. The Heppners are committed to HEROs mission in multiple ways. Brad Heppner is founder and CEO of The Beneficient Company Group (Ben), the Dallas-based financial services firm whose clients are the benefactors of the HERO initiatives. Get more of Dallas top restaurant, real estate, society, fashion and art in your news feed. Important Information About Procedures for Establishing a Relationship with Ben. 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. . Web Copyright 2016 Bradley E Heppner Architecture, LLC. 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. For the former company, he carries out executive and risk management duties as well as those related to regulatory compliance and strategic development. Forbes puts the bankers worth at $2.9 billion, and ORIGINAL PETITION; Comment: VERIFIED PETITION REQUESTING DEPOSITION TO INVESTIGATE POTENTIAL CLAIM OR SUIT, DISMISSAL HEARING; Judicial Officer: GREENBERG, MARK; Hearing Time: 9:00 AM, NOTICE - HEARING; Comment: NOTICE OF HEARING, ORDER - DISMISSAL FOR WANT OF PROSECUTION, NOTICE OF DISMISSAL FOR WANT OF PROSECUTION, DocketORDER - DISMISSAL FOR WANT OF PROSECUTION, DocketDISMISSAL HEARING; Judicial Officer: GREENBERG, MARK; Hearing Time: 9:00 AM; Comment: dwop, DocketMOTION - 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, DocketNOTICE - HEARING; Comment: NOTICE OF HEARING, FinancialFinancial info for HEPPNER, AURELIA : STATE CREDIT; ; $137.00, FinancialFinancial info for HEPPNER, AURELIA : CREDIT CARD - TEXFILE (CC); Receipt # CV-2022-01644; HEPPNER, AURELIA $213.00, FinancialFinancial info for HEPPNER, AURELIA : Transaction Assessment; ; $350.00, FinancialFinancial: HEPPNER, AURELIA ; Total Financial Assessment $350.00 ; Total Payments and Credits $350.00, DocketORIGINAL PETITION; Comment: VERIFIED PETITION REQUESTING DEPOSITION TO INVESTIGATE POTENTIAL CLAIM OR SUIT, Dallas County District Courts | Contract | 2020-12-14, Dallas County District Courts | Contract | South Dakota looked like a promising alternative. Rather, the intent is to create a place where youths would want to live and grow. 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. The banking industry in Kansas didnt want Heppner to refer to his venture as a bank or trust, so Heppner settled on technology-enabled fiduciary financial institution, even though there appears to be nothing special about the technology involved. These are towns with populations under 5,000 and without a principal industry. He previously spent 16 years at the Topeka Capital-Journal. The oldest executive at GWG Holdings Inc is DavidDe Weese, 77, who is the Director. They demanded the bank commissioner allow Beneficient and the TEFFI program to proceed as intended.. 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. 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. 0 replies on Hesston asking state for $12 million grant, Testing availability has changed at some county locations, Dealing with pain: Physical therapy trying to bridge gap in health care, Tis the season for large groups of raptors, New Jersey tech company buys Newton Kansan. Chief Legal Officer, President & Chief Fiduciary Officer 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. 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.. 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. Ive sold my companies to the biggest banks in the world. A TEFFI must designate 2.5% of transactions for charitable contributions. Sherman Smith is the 2021 and 2022 Kansas Press Associations journalist of the year. The committee then passed the legislation. Heppners extensive resume in the finance world includes jobs at Goldman Sachs, the John D. and Catherine T. MacArthur Foundation, and Bain and Company. 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. 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. The bill received unanimous support in the Kansas Senate and bipartisan support of 82% in the House. 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. Bradley Heppner is 54, he's been the Chairman of the Board of GWG Inc since 2019. There is no guarantee they will produce cash. Herndon emphasized in an interview that he raised red flags about Beneficient from the start including the SEC investigation and absence of audited financial records. And folks, this is not Kansans money. 20, , 40 , 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). That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. Do it right. These TEFFIs can finance alternative assets held in Kansas trusts and do it quickly with fintech. 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. It was a beyond fashionable crowd. Texas records show Heppner submitted and withdrew a series of applications for a trust company between Sept. 25, 2018, and Nov. 25, 2020. 2013-12-02. Credit Committee What this means for you: When you establish a relationship or carry out a transaction with us, we will ask for your name, address, date of birth and other information that will allow us to identify you (or similar identifying information for entities). He said part of the grant application was engineering fees, and he asked council to approve spending $25,000 on the fees. The contents hereof do not constitute an offer or solicitation to buy or sell any securities, financial instruments, products or services. He said an additional $8 million could be funded through the Beneficent Heartland Foundation with Hesston coming up with the remaining $4 million. Lawmakers and Gov. Funding resources from the growth of Bens business are directed by Ben and HERO to support students, faculty, and academic programming at HEROs Texas University Members 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. By then, the Kansas Legislature had already passed the TEFFI legislation. Enterprise Risk Committee, Compensation Committee 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.. His mother told him that community reinvestment could allow owners to reopen the grocery store and other businesses. 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. , The legislation blocks regulators from examining a TEFFIs profitability. , where Republican legislators insisted Herndon grant a full charter to Beneficient without further delay. Beneficient initially placed $2.7 million in cash into a trust for the Department of Commerce, which couldnt access the funds, then transferred the money to the agency after questions were raised for this story. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City, who has called for an end to the TEFFI program. By then, the Kansas Legislature had already passed the TEFFI legislation. Contact Editor Sherman Smith for questions: info@kansasreflector.com. These cookies are necessary for the website to function and cannot be switched off in our systems. His concept called for an indoor flea market, an auditorium, an indoor basketball court, a museum and a railroad depot. And I believe its going to happen, and I believe its going to happen within the next 18 to 24 months, maybe sooner. Brad received a B. The issue here is Beneficient is different from other financial institutions, and so theyre not regulated in the same way, Van Dalsem said. The Texas legislature, however, was too focused on politically charged issues like abortion and voting to consider granting him legal clearance for a novel venture, he said. 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. House Bill 2074 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. This is money coming from California, Florida, Hong Kong, Russia, anywhere.. 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. Drone Boats: Inside the U.S. Navys Latest Unmanned AI Tech, Watch: California Floods Leave Behind Washed Away Houses, Submerged Cars, Climate Activist Greta Thunberg Detained in Germany During Coal Mine Protest, Why the FTC Says Noncompete Clauses Are Hurting the Economy. Ive spent the last two months trying to find a reason to hate this bill, but really it represents very little financial risk to the state of Kansas, Xu said. $32,485,760. 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. 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. 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. 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 Become a business insider. Through its subsidiaries, The Beneficient Company Group, L.P.and GWG Life, LLC,GWGH owns and manages a diverse portfolio of alternative assets that, as of September 30, 2020, included $1.9 billion in life insurance policy benefits, and exposure to a diversified and growing loan portfolio secured by 122 professionally managed alternative investment funds. Compensation Committee Chair Previo usly, Brad was a Chairman at Gwg Properties and also held positions at MUFG Investor Services, Main Office, Security Assurance Advisors, Evaluate. Of the total value of an investment, 20 percent must be contributed to the Kansas Department of Commerce. The Beneficient Company Group or Ben, for short is the private company, founded by Brad Heppner, that encourages its clients to be benefactors of HERO initiatives. Active insiders traders include Thomas O Hicks, Dennis P Lockhart, and Shawn R Gensch condos above 's. 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