We are delighted that you'd like to resume your subscription. Get more of Dallas top restaurant, real estate, society, fashion and art in your news feed. These materials do not constitute an offer to sell or the solicitation of an offer to buy securities. 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. Fulk was throwing the party alongside Brian Bolke and in-demand celebrity and architectural photographerDouglas Friedman. Its designed to mostly operate via technology. The committee then passed the legislation. 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. Please enable Strictly Necessary Cookies first so that we can save your preferences. 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. Beneficient, which has 140 employees in Dallas and seven in Kansas, has the knowledge to help get the program off the ground, Owens said. There are 9 older and 3 younger executives at GWG Inc. Beneficient declined to answer questions about the litigation. Council approved spending $25,000 on engineering fees and applying for the grant through the state. Heppners extensive resume in the finance world includes jobs at Goldman Sachs, the John D. and Catherine T. MacArthur Foundation, and Bain and Company. Kansas Reflector maintains editorial independence. 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. A federal class action lawsuit claims Heppner secured cash for Beneficient by defrauding investors. There is no guarantee they will produce cash. Cant you get me a little bit of that money to reopen the grocery store here in town? Heppner said. (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. 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.. COVID taught us you dont need to go to Wall Street to work, as long as you have good broadband, he said. The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. . for charging investors millions per year in management fees despite eliminating staff and closing offices while winding down its portfolio. Newcomer Kastra ElionVodka, owned by Dallas own Moll Anderson and her son, Mike Camello of LA, was served as a refreshing arugula gimlet. Create your own unique website with customizable templates. 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. She grew up in Augusta, Ga. and holds an MA in Investigative Journalism from The Cronkite School. 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. In a special city council meeting on Feb. 23, Heppner dared the community of about 3,800 to dream big. Texas records show Heppner submitted and withdrew a series of applications for a trust company between Sept. 25, 2018, and Nov. 25, 2020. Heppners company wouldnt have to operate under typical rules for conflicts of interest or use standard accounting practices. 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. Contact us today at (800) 975-4345 for a no-cost consultation. 20 Its icy outside. We are taking a big risk with taxpayer money, handing out tax credits and having the whole show run by a single company.. Enterprise Risk Committee, Compensation Committee Credit Committee On average, GWG Inc executives and independent directors trade stock every 150 days with the average trade being worth of $127,781. Theres been an awful lot of talk about a grocery store, OK? Customer Service. But there are some components that have to be put together first.. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. 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. 2018-10-04, Dallas County District Courts | Contract | He said an additional $8 million could be funded through the Beneficent Heartland Foundation with Hesston coming up with the remaining $4 million. You may cancel your subscription at anytime by calling 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. Nominating Committee, Community Reinvestment Chair In addition, he makes $143,132 as Chairman of the Board at GWG Inc. Mr. Heppner GWGH stock SEC Form 4 insiders trading There is no guarantee they will produce cash. This is money coming from California, Florida, Hong Kong, Russia, anywhere.. That comes with a certain degree of uncertainty. South Dakota looked like a promising alternative. Its kind of one of those deals: He who has the money makes the rules, Longbine said. Hesston, Kansas, native and Dallas businessman Brad Heppner has plans to bring a grocery store, retail and chapel to his home town along with his "technology-enabled fiduciary financial institution." As he faces allegations of fraud and the SEC investigates his former business, Kansas legislators continue to support his unique business. He said his company had been footing the bill for the past week for the architecture firm the school picked. 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. He pointed out that the 2.5% contribution to rural development could be written off as a tax break by the asset holders. 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. This website uses cookies to provide you with the best browsing experience including downloadable documents. 4. Greta Thunberg Released After German Police Detained Her at Coal Mine Protest, Bonds Over Stocks: The New 60-40 Portfolio, FTC Plan to Ban Noncompete Clauses Shifts Companies Focus, A Crypto Magnate Saw the Risks and Still Was Hammered, Opinion: Water Is a Terrible Thing for California to Waste, Opinion: Biden Gives a Boost to Schoolyard Bullies, Opinion: The Hard Reality of a Debt-Ceiling Showdown. By then, the Kansas Legislature had already passed the TEFFI legislation. A pro for throwing a party in a Dallas house that is mid-construction: shirtless men in hard hats. 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. 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. Cookies used One-fifth of that figure goes to the Department of Commerce while the rest goes to a charity of the TEFFIs choosing. Please see our republishing guidelines for use of photos and graphics. There are 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. A financial technology platform creates a more rapid process with simpler forms. 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. 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. 3. 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. Cancellation and Refund Policy, Privacy Policy, and 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 cited Georgetown, Texas, which is a suburb of Austin, and University Park, which is surrounded by Dallas on three sides. 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. Developed by Hughes Media Ben does not provide investment advisory services or tax, accounting or legal advice. The magazine placed PCA in its Fee Hog Hall of Shame. Heppner frequently mentions how the states lax regulations served as a beacon for credit card companies that now base their operations in Sioux Falls. The Dillons grocery store in Newton is 9 miles from his mothers house near downtown Hesston. Ben underwrites and presents simplified terms and product documents. 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. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. They demanded the bank commissioner allow Beneficient and the TEFFI program to proceed as intended.. 3PL . We have a couple of people in the halls for the next two months, and Ill be coming in and out, he said. How it Works: 1 Identify a need for liquidity for your alternative asset. Important Information About Procedures for Establishing a Relationship with Ben. Wealth Strategies Director, Global Head of Originations & Distribution. 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 | The trust manager held a fiduciary responsibility to represent PCAs best interests but instead, the lawsuit claims, repeatedly altered the terms of the sale. 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