A. 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. 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. Stand by and watch, Emry said. Natalie Walters, Money Reporter. Most cases are handled on a contingent fee basis, meaning that you wont owe us until we recover your money for you. Bradley K. Heppner serves as Chairman of the Board of the Company. 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. We need to do whats necessary to win the grant, Heppner said. The sky is the limit when youre talking about anywhere from $10 to $100 million, or up to a billion dollars over the next 10 years, flowing directly into rural Kansas, Owens said. 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.. 4. 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. So far, less than $1 million in cash has made its way into a charity Heppner created to serve Hesston. 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. Heppner also severed ties between the two companies, leaving GWG Holdings insolvent and investors holding worthless bonds. 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. South Dakota was also interested. You will be charged This public service is free to readers and other news outlets. 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. The issue here is Beneficient is different from other financial institutions, and so theyre not regulated in the same way, Van Dalsem said. 2020-12-14, Dallas County District Courts | Contract | Contact Editor Sherman Smith for questions: info@kansasreflector.com. As of July 1, Beneficient was granted an inoperable charter in the state. 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. The rest of the funding may not be available for years. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. A TEFFI must designate 2.5% of transactions for charitable contributions. One-fifth of that figure goes to the Department of Commerce while the rest goes to a charity of the TEFFIs choosing. 2013-12-02. His concept called for an indoor flea market, an auditorium, an indoor basketball court, a museum and a railroad depot. Enterprise Risk Committee, Compensation Committee He said the city would need to get rid of portions of Old Highway 81 to create more density and a feeling of community. Newcomer Kastra ElionVodka, owned by Dallas own. By then, the Kansas Legislature had already passed the TEFFI legislation. Council approved spending $25,000 on engineering fees and applying for the grant through the state. A Dallas-based financial services company recently got in the business of offering fast liquidity for alternative assets. Web Copyright 2016 Bradley E Heppner Architecture, LLC. 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. Current address 325 North St. Paul Street #4850, Dallas, TX 75201 $2,040: B. A pro for throwing a party in a Dallas house that is mid-construction: shirtless men in hard hats. These TEFFIs can finance alternative assets held in Kansas trusts and do it quickly with fintech. 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. 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 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. Carmichael also recalled a lesson instilled by his father: Dont put yourself in the position to be the guinea pig., These ideas go south more often than they come to fruition, Carmichael said. Now it has turned to the state of Kansas to help grow this segment. For the former company, he carries out executive and risk management duties as well as those related to regulatory compliance and strategic development. 2018-10-04, Dallas County District Courts | Contract | Ive had many companies bought and sold, Heppner said in a Jan. 26 interview. A schematic he showed council members depicted a 40,000-square foot building for city hall, police and fire services on one end of a downtown square and a non-denominational chapel anchoring the other end. 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. 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. It will also help market the program to bring in other banks. 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. Contact us today at (800) 975-4345 for a no-cost consultation. 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. a majority stake in Beneficient. They could instead count on the TEFFI to look out for their financial interests. There were questions about corporate structure and whether Beneficient could provide an audited financial statement. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who establishes a relationship or carries out a transaction with the financial institution. Heppner offered a solution. 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. 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 It appears to me the ball remains in the Legislatures court, Herndon said in the email. He said his company had been footing the bill for the past week for the architecture firm the school picked. 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. 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 TEFFI program was created with minimal brick-and-mortar and employee requirements. THE BRADLEY K. HEPPNER FAMILY TRUST 325 Saint Paul St., Suite 4850 Dallas, TX 75201 Attorney/Law Firm Details Defendant Attorney SCOTT, In that meeting, Herndon objected to authorizing transactions before reviewing audited financial records from Beneficient. 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. Receive small business resources and advice about entrepreneurial info, home based business, Heppner said he was looking for community leaders to help create the vision. GWG Holdings, Inc. is an innovative financial services firm based in Dallas, Texas that is a leader in providing investments that are non-correlated to the traded markets, and unique liquidity solutions and services for the owners of illiquid investments. When finished, this home will for sure be a reference point for craftsmanship, exuberance, and most of all a high dose of wit.. 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. WebBrad K. Heppner Chief Executive Officer James G. Silk Executive Vice President Chief Legal Officer Derek Fletcher President & Chief Fiduciary Officer Wealth Strategies 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 legislation allows wealthy investors to create a tax-exempt trust. Cancellation and Refund Policy, Privacy Policy, and Heppner founded Beneficient Management Group in 2003 and Beneficient Holdings in 2010. South Dakota looked like a promising alternative. Previo usly, Brad was a Chairman at Gwg Properties and also held positions at MUFG Investor Services, Main Office, Security Assurance Advisors, Evaluate. A TEFFI must designate 2.5% of transactions for charitable contributions. . The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. The magazine placed PCA in its Fee Hog Hall of Shame. So maybe Beneficient was their shield from litigation.. 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. How it Works: 1 Identify a need for liquidity for your alternative asset. Sherman Smith is the 2021 and 2022 Kansas Press Associations journalist of the year. 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. There is no maximum interest rate for the loans a TEFFI provides in exchange for alternative assets, and the transactions are kept secret. He is a lifelong Kansan. Emry said Feb. 28 was the deadline for getting a grant proposal to the state for ARPA funds. 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. Mom said, I gotta hang up because I got about an hour or two round-trip drive. He said the state made a big commitment to TEFFI and that Lt. Gov. 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. The $800 million deal coincided with the unexplained resignation of the entire GWG Holdings board, leaving Heppner in charge of both companies. It wasnt clear, Herndon said, whether he would have the authority to close the business, as he does with other financial institutions. 1. As a reporter, I rely on UniCourt to keep on top of the latest filings and developments on cases involving celebrities and corporations. He said his wife came up with the idea of a museum, which he said could have a new traveling exhibit every six weeks. , Herndon said the legislation doesnt allow him to suspend operations. We have a couple of people in the halls for the next two months, and Ill be coming in and out, he said. 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