Brad Heppner

Bradley Heppner, the founder and former CEO of Beneficient and former chairman of GWG Holdings, was convicted on May 7, 2026, by a federal jury in Manhattan on all four charges brought against him: securities fraud, wire fraud, conspiracy to commit securities and wire fraud, and making false statements to auditors. Prosecutors proved that Heppner orchestrated a scheme to misappropriate more than $150 million from GWG Holdings by funneling funds to a shell company he secretly controlled, Highland Consolidated Limited Partnership. Heppner used the funds for personal expenses, including $40 million for home renovations on his Dallas mansion and ranch, $10 million for debt and aviation costs, and luxury purchases. To conceal the scheme, he fabricated board minutes, backdated documents, and lied to auditors and the SEC. Heppner resigned from Beneficient in June 2025 after refusing to participate in an audit committee investigation into financial irregularities. He is scheduled for sentencing on October 7, 2026, and faces a maximum penalty of 20 years per fraud count and five years for conspiracy.