Former GWG Chair Accused of Securities Fraud, According to DOJ
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2025
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Should l Buy BENF?
Source: Reuters
Indictment of Bradley Heppner: Bradley Heppner, former chair of GWG Holdings, was indicted on five charges including securities and wire fraud for allegedly stealing over $150 million from the company while serving as its chairman.
Misrepresentation and Control: The indictment claims Heppner misled stakeholders and used a shell company he controlled to extract funds from GWG, benefiting personally from the company's assets.
Bankruptcy and Financial Impact: GWG Holdings filed for bankruptcy in 2022 with $2 billion in debt, leading to significant losses for investors and bondholders, shortly after Heppner distanced himself from the company.
Personal Use of Funds: Heppner allegedly used the misappropriated funds for personal expenses, including lifestyle enhancements and renovations to his mansion, while appointing friends to key positions within the company.
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Analyst Views on BENF
About BENF
Beneficient is a technology-enabled financial services holding company that provides liquidity, primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess. The AltAccess platform provides end-to-end liquidity, custody, and investment analytics solutions through AltQuote, AltLiquidity, AltCustody, AltData, and AltTrading. The Company's segments include Ben Liquidity, Ben Custody, and Customer ExAlt Trusts. The Ben Liquidity segment is responsible for offering its fiduciary alternative asset liquidity and financing products through AltAccess. The Ben Custody segment delivers products that address the administrative and regulatory burden of holding alternative assets by offering full service bespoke custody and trust administration services, and specialized document custodian services to customers. The Customer ExAlt Trusts segment holds interests in alternative assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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