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. Rep. Stephen Owens, a Republican from Hesston, touted the new program in an interview with KAKE-TV during an April 2021 news conference. 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. Its up to the community to roll up their sleeves and work with our foundation, work with the Beneficent Heartland Foundation, to make it happen, Heppner said in an interview with Kansas Reflector in January. Few in the Kansas Legislature, or even the investment world, understood Heppners business model when. 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.. 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. 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. 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. And well see that benefit float little towns like mine across the state., by Sherman Smith, Kansas Reflector April 24, 2022. 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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. 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. 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.. (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. Wedding and Portrait Photography in the Wichita, Kansas area. A pro for throwing a party in a Dallas house that is mid-construction: shirtless men in hard hats. Beneficient, which has 140 employees in Dallas and seven in Kansas, has the knowledge to help get the program off the ground, Owens said. Beneficient hopes to do $200 million to $250 million in transactions in the first year. 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. . He is a lifelong Kansan. Council approved spending $25,000 on engineering fees and applying for the grant through the state. , Herndon said the legislation doesnt allow him to suspend operations. The firm holds the distinction as the first registered risk advisor emphasizing fraud coverage for institutional investors. 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. Beneficient CEO Brad Heppner is a Hesston native and the drive to set up a TEFFI in Kansas has its roots in the city. . Its designed to mostly operate via technology. You will be notified in advance of any changes in rate or terms. House Status: Adjourned until Monday, January 09, 2023 at 02:00 p.m. Senate Status: Adjourned until Monday, and Brad Heppner answered two additional questions from Senator Pittman. Heppner said his company hired a lobbyist to be the voice in the hallways while the state is going through the decision process. These TEFFIs can finance alternative assets held in Kansas trusts and do it quickly with fintech. Important Information About Procedures for Establishing a Relationship with Ben. 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. These cookies are necessary for the website to function and cannot be switched off in our systems. Another $2.7 million was delivered Thursday to the Department of Commerce. Please see our republishing guidelines for use of photos and graphics. 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. 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. In the meantime, GWG Holdings agreed to purchase a majority stake in Beneficient. It cant operate yet but is working with the state banking commissioner to determine rules and oversight. 3 Place all or part of the alternative asset into custody under the ExAlt Plan at Ben. The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. Bradley K. Heppner serves as Chairman of the Board of the Company. 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. 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 legislation allows wealthy investors to create a tax-exempt trust. 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. The same things I expressed through my testimony. 2. There is no maximum interest rate for the loans a TEFFI provides in exchange for alternative assets, and the transactions are kept secret. So what does Kansas get out of this agreement? The oldest executive at GWG Holdings Inc is DavidDe Weese, 77, who is the Director. His concept called for an indoor flea market, an auditorium, an indoor basketball court, a museum and a railroad depot. As the Chairman of the Board of GWG Inc, the total compensation of Bradley Heppner at GWG Inc is $143,132. Meanwhile, he noted that they had a deadline since the school district was working on a bond issue and a new school. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City, who has called for an end to the TEFFI program. Heppner, 56, said he spent six years developing the framework for his business by negotiating with Texas regulators. 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. The Dillons grocery store in Newton is 9 miles from his mothers house near downtown Hesston. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, , where Republican legislators insisted Herndon grant a full charter to Beneficient without further delay. , Finally, one place to get all the court documents we need. He said the complex would include a 12,500-square-foot grocery store and possibly an upscale hotel modeled after the Rapp House. Our attorneys are admitted to practice in New York and Florida and represent investors nationwide. Cindys margaritas were made with Casa Dragones Blanco tequila and served along with Rose Gold Ros in cut crystal glassware. Public Records Policy. A TEFFI must designate 2.5% of transactions for charitable contributions. It was a beyond fashionable crowd. 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. Member FINRA/SIPC. and a B.A. Contact us today at (800) 975-4345 for a no-cost consultation. Russian TV Touts a Big Victory in Ukraine. 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. Heppner, in his January interview, said the assets in the trusts could be monetized over four to seven years. Developed by Hughes Media Cookies used 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. No other entity has expressed interest in operating a TEFFI in Kansas, Herndon said. Previously, he was a senior consultant at Bain & Company where he focused on private equity financed companies between 1994 and 1996. He would only deal with individuals who have a net worth of at least $5 million. Newcomer Kastra ElionVodka, owned by Dallas own. 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.. 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. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City who has called for an end to the TEFFI program, Herndon said the legislation doesnt allow him to suspend operations. By then, the Kansas Legislature had already passed the TEFFI legislation. Herndon, the Kansas bank commissioner, has sole regulatory authority, which is limited, over the TEFFI. Brad Heppner is a Senior Partner & Director & Chairman & Committee Chair Executive at The Beneficient Company Group based in Dallas, Texas. 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.. Credit Committee Now it has turned to the state of Kansas to help grow this segment. That the 2.5 % contribution to rural development could be monetized over four to years... Over the TEFFI an upscale hotel modeled after the Rapp house the decision process to a... 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