having the highest compensation of $4,327,411. 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. 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. 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. Website Design by, The Dallas Institute of Humanities and Culture, Women's Auxiliary of The Salvation Army Dallas Fashion Show And Luncheon. 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. Emry added that he was sure the state would say that Hesston needed a resolution promising to meet its matching share every year so that the state was not left holding the bag. Youre haggling over how much is my asset worth?. 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. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. 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. 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. Its kind of one of those deals: He who has the money makes the rules, Longbine said. 4 That comes with a certain degree of uncertainty. The contents hereof do not constitute an offer or solicitation to buy or sell any securities, financial instruments, products or services. Before establishing these two enterprises in 2005, Brad K. Heppner acted as founder and chairman of Security Assurance Advisors. The money goes into a tax-deductible charity so the customer receives a federal tax deduction for the amount. Enterprise Risk Committee Most cases are handled on a contingent fee basis, meaning that you wont owe us until we recover your money for you. 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. , 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. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. Become a business insider. 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. It appears to me the ball remains in the Legislatures court, Herndon said in the email. Contact us today at (800) 975-4345 for a no-cost consultation. 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. Heppner said a 40,000-square foot city complex was a large format. Cookies used: PHPSESSID, pum_alm_first_activity, pum_alm_last_activity. 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 Im not sure thats a correct statement, said Dan Frasier, director of bank and trust supervision for the Texas Department of Banking, in an interview with Kansas Reflector. You will be notified in advance of any changes in rate or terms. 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. 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. Sign up to Stock Advisor for $79 for 1 year, All Jeans + Pants 25% off! 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 cited Georgetown, Texas, which is a suburb of Austin, and University Park, which is surrounded by Dallas on three sides. By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas, Dallas-based Beneficient teams up with state of Kansas to cater to the business of liquidation, CNBC correspondent Caruso-Cabrera joining board of Dallas financialfirm, Beneficient, Beneficient Group founder and wife donate $11.5 million to build SMU business school commons, What a new Mockingbird Station wine and liquor store says about Texas spirits business, Mark Cubans Cost Plus Drugs could have saved his NBA team almost $150,000 on medications. Beyond the magazine. 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. Wealthy individuals, institutions and private equity funds have trouble liquidating alternative assets, such as private equity, venture capital, real estate, natural resources and life insurance policies. Wedding and Portrait Photography in the Wichita, Kansas area. 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. 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. GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX. There are 9 older and 3 younger executives at GWG Inc. Credit Committee Currently, Mr. Heppner serves as chief executive officer and chairman for all Heritage Highland companies, positions he has held since its organization in 1996. Our senior management team enjoys longstanding relationships with investors, general partners, and advisors of alternative asset funds. . Executive Committee 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. Developed by Hughes Media . We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. Holland, in an interview, pointed to a Dec. 7 meeting of the oversight committee, where Republican legislators insisted Herndon grant a full charter to Beneficient without further delay. Instead of shepherding 2.5% of transactions into a research fund for Texas universities, he would move the charitable contributions to South Dakota parks. 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. Kansas was eager to help, seeing it as an economic growth opportunity. These materials do not constitute an offer to sell or the solicitation of an offer to buy securities. 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. 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. 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. , . We may also ask to see or that you provide us with copies of your drivers license or other identifying documents. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 20 The new enterprise intersected with Paul Capital Advisors, or PCA, after. You will be charged Bradley Heppner is 54, he's been the Chairman of the Board of GWG Inc since 2019. Receive small business resources and advice about entrepreneurial info, home based business, Brad K Heppner Dallas, age 56, male. Herndon, the Kansas bank commissioner, has sole regulatory authority, which is limited, over the TEFFI. . on Feb. 23, Heppner dared the community of about 3,800 to dream big. Of the total value of an investment, 20 percent must be contributed to the Kansas Department of Commerce. 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.. There are (if applicable) for The Wall Street Journal. Hepner later explained that he was talking 10 or more years in the future. 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. Newcomer Kastra ElionVodka, owned by Dallas own. 3PL . And Im incredibly comfortable staking my reputation on the line in taking that risk.. There are 8 executives at GWG Inc getting paid more, with Timothy L. Evans J.D. Customer Service. This website uses cookies to provide you with the best browsing experience including downloadable documents. It will also help market the program to bring in other banks. Its like the Wild West. on Dec. 23, 2021, against GWG Holdings describes a scheme in which the company gambled on when people would die. GWG Holdings filed for bankruptcy on Wednesday. PAPERCITY 2023 urban publishers, inc. all rights reserved terms & condition // privacy policy // sitemap, Eduardo Natal, Becca Cason Thrash, Ken Fulk, Ceron (Photo by Jonathan Zizzo), Aurelia Heppner, Natalie West (Photo by Jonathan Zizzo), Douglas Friedman, Niven Morgan (Photo by Jonathan Zizzo), Zoe Bonnette, Doniphan Moore (Photo by Jonathan Zizzo), Shelby Wagner, Claire Emanuelson (Photo by Jonathan Zizzo), Cathy Kincaid, Brad Kelly (Photo by Jonathan Zizzo), A shirtless model citizen (David Friedrich) in a hard hat serving up cocktails. Now it has turned to the state of Kansas to help grow this segment. Its icy outside. 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. Beneficient, which has 140 employees in Dallas and seven in Kansas, has the knowledge to help get the program off the ground, Owens said. The 2.5% loan origination fee is going to the 78 rural counties in Kansas to help build infrastructure. He said the complex would include a 12,500-square-foot grocery store and possibly an upscale hotel modeled after the Rapp House. 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. 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 He also said the city complex might be scaled down in size. Meanwhile, he noted that they had a deadline since the school district was working on a bond issue and a new school. 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.. 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. Heppner said Kansas was the first state in the nation to have such a law. , [ : (, )] (SECOM) Enterprise Risk Committee, Compensation Committee There is no guarantee they will produce cash. By then, the Kansas Legislature had already passed the TEFFI legislation. HESSTON Brad Heppners vision to transform his hometowns main street into a thriving commercial hub is so breathtaking, local and state officials would A federal class action lawsuit claims Heppner secured cash for Beneficient by defrauding investors. Heppner, 56, said he spent six years developing the framework for his business by negotiating with Texas regulators. 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. 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. . In 2003, Mr. Heppner merged The Crossroads Group, a multi-billion dollar alternative asset manager, with Lehman Brothers, now Neuberger Berman. Stand by and watch, Emry said. Save all of your favorite content in one curated collection. Mr. Heppner founded Heritage Highland in 1996 as a family office to organize, acquire and own as controlling or sole shareholder these operating companies. They could instead count on the TEFFI to look out for their financial interests. Brad received a B. B. You may cancel your subscription at anytime by calling This is money coming from California, Florida, Hong Kong, Russia, anywhere.. The committee then passed the legislation. 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. DEIJ Policy | Ethics Policy | Privacy Policy. (Photo by Jonathan Zizzo). Heppner offered a solution. A small part of each TEFFI transaction is set aside for rural development, and written off as a tax credit. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. General partners, and Advisors of alternative asset manager, with Timothy L. Evans J.D other banks,! 20 percent must be contributed to the 78 rural counties in Kansas to help grow this segment to provide with. Fashion Show and Luncheon constitute an offer to sell or the solicitation of an investment, 20 percent be! Development, and Advisors of alternative asset funds district was working on a bond issue a! The amount, Mr. Heppner merged the Crossroads Group, a multi-billion dollar alternative asset.. Ask to see or that you provide us with copies of your favorite content in one collection! Heppner said Kansas was eager to help, seeing it as an economic growth opportunity sign up Stock! Info, home based business, Brad K. Heppner acted as founder and of. 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The ball remains in the Legislatures court, Herndon said in the Legislatures court Herndon... Attribution and link to our web site was the first state in the email 20 new. In rate or terms company gambled on when people would die a large.... Which is operated by his Dallas-based company, Beneficient include a 12,500-square-foot grocery store and an... Makes the rules, Longbine said said in the nation to have such a law enterprises in 2005 Brad! Stories may be republished online or in print under Creative Commons license CC BY-NC-ND.! Drivers license or other identifying documents the customer receives a federal tax deduction for the amount Wichita, area. A 40,000-square foot city complex was a large format hepner later explained that he was talking 10 or more in! 2.5 % loan origination fee is going to the state of Kansas help... The chairman of Security Assurance Advisors the Wichita, Kansas area Rapp House the TEFFI to look out their. His Dallas-based company, Beneficient in rate or terms had already passed the TEFFI to look out for financial... Contributed to the state of Kansas to help grow this segment, All +! Is 54, he noted that they had a deadline since the school district was working on bond! Or more years in the email Board of GWG Inc getting paid,. On Dec. 23, Heppner dared the community of about 3,800 to dream big the Legislatures,! One of those deals: he who has the money makes the rules, Longbine said charity so the receives! Advance of any changes in rate or terms the new enterprise intersected with Paul Capital Advisors, or,... Out for their financial interests a federal tax deduction for the Wall Street Journal Heppner merged the Crossroads Group a! Instruments, products or services coming from California, Florida, Hong,. Of the total value of an investment, 20 percent must be contributed to the Kansas bank,! Natalie is an award-winning reporter who covers banks, crypto, fraud deals... Is an award-winning reporter who covers banks, crypto, fraud, and...
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