(Photo by Jonathan Zizzo). 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.. Executive Committee Forbes puts the bankers worth at $2.9 billion, and (Sherman Smith/Kansas Reflector). He said an additional $8 million could be funded through the Beneficent Heartland Foundation with Hesston coming up with the remaining $4 million. Save all of your favorite content in one curated collection. 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. 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. That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. He said the rest could go to a foundation, like Beneficent Heartland Foundation, which will benefit Hesston. 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. Customer Service. Ben offers a range of liquidity solutions. 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. 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. Please see our republishing guidelines for use of photos and graphics. 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. That comes with a certain degree of uncertainty. . And the best part of all, documents in their CrowdSourced Library are FREE! 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. Enterprise Risk Committee The issue here is Beneficient is different from other financial institutions, and so theyre not regulated in the same way, Van Dalsem said. 2018-10-04, Dallas County District Courts | Contract | 1. Sherman Smith is the 2021 and 2022 Kansas Press Associations journalist of the year. When we as the government get out of the way, its a win-win.. , [ : (, )] In 2003, Mr. Heppner merged The Crossroads Group, a multi-billion dollar alternative asset manager, with Lehman Brothers, now Neuberger Berman. System , , . Get the latest headlines delivered to your inbox every weekday. B. 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. Important Information About Procedures for Establishing a Relationship with Ben. The legislation allows wealthy investors to create a tax-exempt trust. Heppner also has plans for an area north of downtown around the railroad tracks. And well see that benefit float little towns like mine across the state., by Sherman Smith, Kansas Reflector April 24, 2022. 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. 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. 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. 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. He said his company had been footing the bill for the past week for the architecture firm the school picked. Before establishing these two enterprises in 2005, Brad K. Heppner acted as founder and chairman of Security Assurance Advisors. WebBrad K. Heppner Chief Executive Officer James G. Silk Executive Vice President Chief Legal Officer Derek Fletcher President & Chief Fiduciary Officer Wealth Strategies 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. What are the biggest changes to know before filing your 2022 taxes? 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. , Instead of shepherding 2.5% of transactions into a research fund for Texas universities, he would move the charitable contributions to South Dakota parks. 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 Kansas Reflector maintains editorial independence. 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 Heppner said he had no intent to build a Taj Mahal. We have a couple of people in the halls for the next two months, and Ill be coming in and out, he said. And theres always potholes in business, as every business person knows. We may also ask to see or that you provide us with copies of your drivers license or other identifying documents. Currently, Mr. Heppner serves as chief executive officer and chairman for all Heritage Highland companies, positions he has held since its organization in 1996. He said his wife came up with the idea of a museum, which he said could have a new traveling exhibit every six weeks. 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. COVID taught us you dont need to go to Wall Street to work, as long as you have good broadband, he said. 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. Executive Committee Chair A year or two in, people will be asking, Wheres the grocery store? These great big plans dont require them to show anything for a very long time, said Shane Van Dalsem, an associate professor of finance business at Washburn University in Topeka who also serves on the asset management committee for Topeka Community Foundation. 4. (SECOM) There were questions about corporate structure and whether Beneficient could provide an audited financial statement. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Emry said the city would know by the end of March if Hesston would receive the grant. And I asked her right there on the call, I said, Mom, can you figure out and get me some meetings set up with legislators to talk about an idea I have? And the next step was I actually flew up to Hesston the next day.. Website Design by, The Dallas Institute of Humanities and Culture, Women's Auxiliary of The Salvation Army Dallas Fashion Show And Luncheon. Emry said Feb. 28 was the deadline for getting a grant proposal to the state for ARPA funds. So far, less than $1 million in cash has made its way into a charity Heppner created to serve Hesston. Developed by Hughes Media Brad was unfortunately in New York City, but Bradley Heppner is 54, he's been the Chairman of the Board of GWG Inc since 2019. 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 cant operate yet but is working with the state banking commissioner to determine rules and oversight. (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. Herndon renewed his concerns in a four-page letter on April 10, 2022, to members of a joint legislative committee established to provide oversight of the TEFFI program. Heppner said a 40,000-square foot city complex was a large format. 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. Among the companies Mr. Heppner founded and sold is Capital Analytics, the third oldest alternative asset administration company in the United States, which is now owned by Mitsubishi Union Financial Group. 2 Open a custody account through a safe and secure online portal to Ben. Rep. Stephen Owens, a Republican from Hesston, touted the new program, 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, are inconsequential. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. The estimated Net Worth of Brad K Heppner is at least $167 Thousand dollars as of 18 June 2020. Stand by and watch, Emry said. 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. You will be charged I still have unanswered questions, Herndon said. In the meantime, GWG Holdings agreed to purchase a majority stake in Beneficient. But there are some components that have to be put together first.. Compensation Committee Chair Compensation Committee Beneficient declined to answer questions about the litigation. In addition, he makes $143,132 as Chairman of the Board at GWG Inc. Mr. Heppner GWGH stock SEC Form 4 insiders trading Heppner said his company hired a lobbyist to be the voice in the hallways while the state is going through the decision process. Newcomer Kastra ElionVodka, owned by Dallas own. DEIJ Policy | Ethics Policy | Privacy Policy. 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. 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. Last updated: 1 January 2023 at 11:00am EST. Neither our office, nor others in the bank and trust regulatory industry that we have consulted, fully understand the business model used here, Herndon said. Heppners company wouldnt have to operate under typical rules for conflicts of interest or use standard accounting practices. 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