The program poses a “reputational risk” to Kansas, the bank commissioner says. Laura Kelly continue to support the enterprise despite the Kansas bank commissioner’s concerns, lawsuits that accuse Heppner of fraud, the absence of audited financial statements from Beneficient, and a Securities and Exchange Commission investigation.Ī small part of each TEFFI transaction is set aside for rural development, and written off as a tax credit. ![]() HESSTON - Brad Heppner’s vision to transform his hometown’s 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.įew in the Kansas Legislature, or even the investment world, understood Heppner’s business model when lawmakers agreed last year to let him launch the nation’s first technology-enabled fiduciary financial institution - known as a TEFFI - which is operated by his Dallas-based company, Beneficient.
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