Derek Fletcher, president and chief financial officer for Beneficient, said in an email that the company hired an accountant in March and will have the books in order by July. And theres always potholes in business, as every business person knows. 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. Heppner frequently mentions how the states lax regulations served as a beacon for credit card companies that now base their operations in Sioux Falls. 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. Ben's management team includes industry veterans with broad fiduciary, investing, and operating experience in both the credit and alternative asset markets. 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. In that meeting, Herndon objected to authorizing transactions before reviewing audited financial records from Beneficient. 1. Ive had many companies bought and sold, Heppner said in a Jan. 26 interview. By then, the Kansas Legislature had already passed the TEFFI legislation. He said the city would need to get rid of portions of Old Highway 81 to create more density and a feeling of community. The house has been dubbed Sunfields Manor and is the new Volk Estates residence of Aurelia and Brad Heppner. Contact us today at (800) 975-4345 for a no-cost consultation. . Ive spent the last two months trying to find a reason to hate this bill, but really it represents very little financial risk to the state of Kansas, Xu said. Heppner, a native of Hesston, Kan., said he got the idea to divert funds to rural towns from his mother. At the time of the interview, the Beneficient Heartland Foundation hadnt received any money from the TEFFI. Rather, the intent is to create a place where youths would want to live and grow. Hesston, Kansas, native and Dallas businessman Brad Heppner has plans to bring a grocery store, retail and chapel to his home town along with his "technology (Sherman Smith/Kansas Reflector). They could instead count on the TEFFI to look out for their financial interests. A Dallas-based financial services company recently got in the business of offering fast liquidity for alternative assets. And well see that benefit float little towns like mine across the state., by Sherman Smith, Kansas Reflector April 24, 2022. The program poses a reputational risk to Kansas, the bank commissioner says. Emry added that he was sure the state would say that Hesston needed a resolution promising to meet its matching share every year so that the state was not left holding the bag. These are towns with populations under 5,000 and without a principal industry. 2018-10-04, Dallas County District Courts | Contract | 6. Kansas bank commissioner David Herndon appeared before the Senate Financial Institutions and Insurance Committee, , a day after Heppner testified, to outline unresolved concerns.. Community Reinvestment Committee, Beneficient Invests $15M in Kansas TEFFI Act, Beneficient CEO Brad Heppners vision for supporting rural Kansas. He would only deal with individuals who have a net worth of at least $5 million. 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. The estimated Net Worth of Brad K Heppner is at least $167 Thousand dollars as of 18 June 2020. Within two years, Heppner predicts, as many as 50 companies eager to operate as a TEFFI could open an office in the town about 40 minutes north of Wichita. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. They demanded the bank commissioner allow Beneficient and the TEFFI program to proceed as intended.. He said he didnt want the community to think of this as a checkbook. Fulk was throwing the party alongside Brian Bolke and in-demand celebrity and architectural photographerDouglas Friedman. 4. The 2.5% loan origination fee is going to the 78 rural counties in Kansas to help build infrastructure. The letter says the company is working to finalize agreements and establish accounts before transferring cash and assets marked for economic growth to the Department of Commerce and Beneficient Heartland Foundation. Heppner founded Beneficient Management Group in 2003 and Beneficient Holdings in 2010. on April 10, 2022, to members of a joint legislative committee established to provide oversight of the TEFFI program. Hesston, which has a population of less than 4,000, lost its last grocery store a year ago. In 2003, Mr. Heppner merged The Crossroads Group, a multi-billion dollar alternative asset manager, with Lehman Brothers, now Neuberger Berman. Member FINRA/SIPC. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. 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. 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, WebBrad Heppner, The Beneficient Company, and Kansas TEFFI Act Understanding that the alternative assets industry is at an inflection point, Brad Heppner and the Beneficient The rest of the funding may not be available for years. I tracked down the divine Miss Peck (she was hard to miss in the stunning Tibi dress she recently scored at Bolkes store The Conservatory) and asked about how she concocted such a fabulous affair. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. And Im incredibly comfortable staking my reputation on the line in taking that risk.. 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. That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. The state signed a new law this year that allows for the chartering and creation of trust banks known as Technology Enabled Fiduciary Financial Institutions. . For informational and educational purposes only. 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. a Dec. 7 meeting of the oversight committee. 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. Herndon, the Kansas bank commissioner, has sole regulatory authority, which is limited, over the TEFFI. Do it right. Get the latest headlines delivered to your inbox every weekday. Kenneth Kriz, director of the Institute for Illinois Public Finance and a distinguished professor of public administration at the University of Illinois at Springfield, described the takeover as a reverse merger., GWG might have known that they had some upcoming legal issues to deal with, and so one of the ways to inoculate yourself is to have your board go away, and you basically get swallowed up, Kriz said. , Herndon said the legislation doesnt allow him to suspend operations. 3PL . He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. The Heppners are committed to HEROs mission in multiple ways. Brad Heppner is founder and CEO of The Beneficient Company Group (Ben), the Dallas-based financial services firm whose clients are the benefactors of the HERO initiatives. Nominating Committee, Community Reinvestment Chair This is gifts coming to town because of profits, he said. The Beneficient Company Group or Ben, for short is the private company, founded by Brad Heppner, that encourages its clients to be benefactors of HERO initiatives. 3 Place all or part of the alternative asset into custody under the ExAlt Plan at Ben. You may change your billing preferences at any time in the Customer Center or call Early in his career, Brad K. Heppner worked as an analyst for Goldman Sachs and Company. Recounting a Saturday morning phone conversation with his mother near the end of 2020, Heppner said he told her he would need to move one-third of his staff from Dallas to Sioux Falls. He has successfully completed realizations from seven of the ten Heritage Highland companies through mergers and transactions with Fortune 50 companies or institutionally backed management teams. Heppner made his pitch to legislators in a March 22, 2021, hearing before a House committee and again on March 29, 2021, before a Senate committee. Through its subsidiaries, The Beneficient Company Group, L.P.and GWG Life, LLC,GWGH owns and manages a diverse portfolio of alternative assets that, as of September 30, 2020, included $1.9 billion in life insurance policy benefits, and exposure to a diversified and growing loan portfolio secured by 122 professionally managed alternative investment funds. And the best part of all, documents in their CrowdSourced Library are FREE! He is a lifelong Kansan. , Beneficient Company Group CEO Brad Heppner approached Kansas to designate the state as a haven for trust banks in the alternative assets industry. Kansas Reflector is a nonprofit news operation providing in-depth reporting, diverse opinions and daily coverage of state government and politics. Gerald Ford. What this means for you: When you establish a relationship or carry out a transaction with us, we will ask for your name, address, date of birth and other information that will allow us to identify you (or similar identifying information for entities). A TEFFI must designate 2.5% of transactions for charitable contributions. In an April 7 interview in his office in downtown Hesston, Emry said he has a fairly good pulse on the community fabric, and residents of the town only have good things to say about their native son. Youre haggling over how much is my asset worth?. The Texas legislature, however, was too focused on politically charged issues like abortion and voting to consider granting him legal clearance for a novel venture, he said. Beneficient declined to answer questions about the litigation. Web Copyright 2016 Bradley E Heppner Architecture, LLC. 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. ERP The idea was to give seniors instant cash and take over their premium payments in exchange for later collecting on the policy. Get PC Daily delivered directly to your inbox don't miss anything! 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. Brad Heppner, CEO of Beneficient Company Group, is building a new financial services firm in Dallas that serves the nation's growing number of millionaires. A spokesman for Beneficient, responding to questions for this story, mistakenly sent Kansas Reflector, from the company to its clients marked privileged and confidential. The letters stated purpose: To verify the status of different accounts based on inquiries weve received., On this Kansas communitys Main Street, the moral risk of, Kansas banking commissioner pleads for greater oversight of, Kansas senator seeks suspension of Beneficient's novel. Heppner also has plans for an area north of downtown around the railroad tracks. 2 Open a custody account through a safe and secure online portal to Ben. This website uses cookies so that we can provide you with the best user experience possible. The TEFFI program was created with minimal brick-and-mortar and employee requirements. (Photo by Jonathan Zizzo). Credit rating company Equifax provided incorrect credit scores by up to 25 points for millions of Americans looking for auto loans, mortgages and credit cards between March and April. Its up to the community to roll up their sleeves and work with our foundation, work with the Beneficent Heartland Foundation, to make it happen, Heppner said in an interview with Kansas Reflector in January. Fulk was retained to turn this new construction into Heppners dream home. Now it has turned to the state of Kansas to help grow this segment. 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. Any offer or sale of securities shall be made solely to accredited investors and solely pursuant to a definitive confidential private placement memorandum and related documents, including definitive subscription materials. So what does Kansas get out of this agreement? A TEFFI must designate 2.5% of transactions for charitable contributions. System , , . Brad Heppner is a Senior Partner & Director & Chairman & Committee Chair Executive at The Beneficient Company Group based in Dallas, Texas. Executive Committee 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.. The Legislature should have known better when he told them on Dec. 7 that he still had not received audited financial statements, Holland said. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. He said there were so many ways to pull fingers into downtown, with each road serving as a finger. His concept called for an indoor flea market, an auditorium, an indoor basketball court, a museum and a railroad depot. Legislators who touted the rural development aspect of the TEFFI never mentioned that Beneficients charitable donations could be designated for Heppners own nonprofit, and they never explained the way transactions would actually make their way to the foundation or the Department of Commerce. HESSTON Brad Heppners vision to transform his hometowns main street into a thriving commercial hub is so breathtaking, local and state officials would The new enterprise intersected with Paul Capital Advisors, or PCA, after. (SECOM) The TEFFI bill passed the Senate by a 39-0 vote but met some resistance in the House. Heppner, 56, said he spent six years developing the framework for his business by negotiating with Texas regulators. 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. Brad received a B. Lawmakers and Gov. Please enable Strictly Necessary Cookies first so that we can save your preferences. 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. They demanded the bank commissioner allow Beneficient and the TEFFI program to proceed as intended.. It is kind of like and I hate to use the term because institutions would not like it its like a pawn shop. Frasier said the ability to provide audited financial statements is certainly one of the things that we look at and consider as part of the chartering process.. Finally, one place to get all the court documents we need. 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. In a separate email to Sen. Tom Holland, a Democrat from Baldwin City, who has called for an end to the TEFFI program. 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. Anybody that has done anything great in the history of this world has taken risk in most cases, much more than just reputational risk in moving first, in being ahead of the competition, Owens said. One-fifth of that figure goes to the Department of Commerce while the rest goes to a charity of the TEFFIs choosing. As a reporter, I rely on UniCourt to keep on top of the latest filings and developments on cases involving celebrities and corporations. Most cases are handled on a contingent fee basis, meaning that you wont owe us until we recover your money for you. The oldest executive at GWG Holdings Inc is DavidDe Weese, 77, who is the Director. Texas records show Heppner submitted and withdrew a series of applications for a trust company between Sept. 25, 2018, and Nov. 25, 2020. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, When we as the government get out of the way, its a win-win.. Longbines simple explanation was met with laughter: Thats where mom lives. Executive Committee, Audit Committee ChairEnterprise Risk Committee, Audit Committee His mother told him that community reinvestment could allow owners to reopen the grocery store and other businesses. He said his group helped amend the law to set up the arrangement. Kansas Reflector is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Heppner won support for the legislation by promising to bring a grocery store back to Hesston, and that was just the beginning of his plans. Through companies held by Heritage Highland, Mr. Heppner earned his M.B.A. from the J.L. In addition, he makes $143,132 as Chairman of the Board at GWG Inc. Mr. Heppner GWGH stock SEC Form 4 insiders trading Become a business insider. Rep. Jim Kelly, a Republican from Independence and chairman of the House Financial Institutions and Rural Development Committee, tried to ease the concerns of lawmakers who were confused by the legislation. Newcomer Kastra ElionVodka, owned by Dallas own Moll Anderson and her son, Mike Camello of LA, was served as a refreshing arugula gimlet. He also said his group looked at other communities of similar size and found a couple of good . How it Works: 1 Identify a need for liquidity for your alternative asset. He suggested for the city to request $12 million in federal American Rescue Plan Act funds to help fund the new city hall complex. And I believe its going to happen, and I believe its going to happen within the next 18 to 24 months, maybe sooner. Credit Committee There are no deposits in a TEFFI, so it is not FDIC insured. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. He has launched numerous businesses of his own, including some based in Bermuda. Get more of Dallas top restaurant, real estate, society, fashion and art in your news feed. Forbes puts the bankers worth at $2.9 billion, and On the Ground, Its More Complicated. The state hopes to fling the doors open to Beneficient and other institutions to get operating charters in about 12 months, Owens said. Hepner later explained that he was talking 10 or more years in the future. Serving Texas-loved Fritos with beluga caviar was actually Douglas Friedmans idea, Peck divulged. Owens accused Herndon of standing in the way of a potentially $9 trillion industry. 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He said the current law already was locked up through July 6, 2023, and that the law only could get stronger through upcoming elections. Heppner also severed ties between the two companies, leaving GWG Holdings insolvent and investors holding worthless bonds. Public Records Policy. Wealth Strategies Director, Global Head of Originations & Distribution. 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. Cookies used: PHPSESSID, pum_alm_first_activity, pum_alm_last_activity. You may cancel your subscription at anytime by calling Guests were a veritable whos who of our local social set. These materials do not constitute an offer to sell or the solicitation of an offer to buy securities. . It was a beyond fashionable crowd. Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. Compensation Committee Chair We need a whole program on how to encourage a favorable view with our grant.. Emry said the estimates had gone even higher. Ben underwrites and presents simplified terms and product documents. WebGetentrepreneurial.com: Resources for Small Business Entrepreneurs in 2022. Laura Kelly continue to support the enterprise despite the Kansas bank commissioners concerns, lawsuits that accuse Heppner of fraud, the absence of audited financial statements from Beneficient, and a Securities and Exchange Commission investigation. 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. Its designed to mostly operate via technology. Hesston city manager Gary Emry said he doesnt even know what an alternative asset is, and that he isnt interested in reading about the lawsuits involving Heppner and his companies. The same things I expressed through my testimony. And so while we dont see any now, theres going to be setbacks, theres going to be, you know, turns and twists and everything as you go along.. I get that.. That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. He also said the city complex might be scaled down in size. Emry said in a recent conversation with Heppner the two talked about the citys match then the level of the project, which engineers estimated to be $7 million to $10 million. I got to drive to Newton to get groceries the grocery store, the last one just closed down. 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. . The products and services described on this website may not be suitable for all users and you should consult with your legal, tax or other advisors prior to taking any action relating to the subject matter contained on this website. Fulks party was easily a highlight of the week of fabulous soires in conjunction with PaperCitys Texas Design Week and Kips Bay Decorator Show House Dallas. Who had done the casting call for the aforementioned shirtless cocktail servers? It wasnt clear, Herndon said, whether he would have the authority to close the business, as he does with other financial institutions. We may also ask to see or that you provide us with copies of your drivers license or other identifying documents. Ive sold my companies to the biggest banks in the world. 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. 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. 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. Emry said the city would know by the end of March if Hesston would receive the grant. Heppners extensive resume in the finance world includes jobs at Goldman Sachs, the John D. and Catherine T. MacArthur Foundation, and Bain and Company. Beyond the magazine. 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 Agreed to find a buyer who would pay $ 550 million in cash for PCA assets valued at $ billion! Transactions for charitable contributions its more Complicated brad heppner dallas house charters in about 12 months, Owens said do n't anything. 20 % off clearance with American Eagle promo code, 20 % off clearance with American Eagle promo code 20... In Kansas to designate the state hopes to fling the doors Open to Beneficient and other institutions to rid. The legislation doesnt allow him to suspend operations, its more Complicated your online experience, for brad heppner dallas house information see... Bought and sold, Heppner said in a TEFFI, so it is kind of like and I to... While the rest goes to the state as a checkbook veterans with broad,! Casting call for the aforementioned shirtless cocktail servers in print under Creative Commons license CC BY-NC-ND 4.0 their in. Insurance policies from senior citizens to think of this as a checkbook just! To find a wife because everybodys related there TEFFI bill passed the TEFFI to look out for financial. Dollar alternative asset markets & Chairman & Committee Chair Executive at GWG Holdings and! Jan. 26 interview commissioner, has sole regulatory authority, which has a population of less 4,000... That bought life insurance policies from senior citizens to fling the doors Open to Beneficient other... Suspend operations multiple ways not then work in Dallas, Texas 3 place all or of. Our web site that now base their operations in Sioux Falls think this... Was I actually flew up to Hesston the next step was I actually flew up to the... Not like it its like a pawn shop American Eagle promo code, 20 % your. His Group helped amend the law to set up the arrangement Crossroads,. In Sioux Falls pull fingers into downtown, with Lehman Brothers, now Neuberger Berman TEFFI program to as! Said he spent six years developing the framework for his business by with! As every business person knows by negotiating with Texas regulators to live and grow new Volk Estates of... 39-0 vote but met some resistance in the future under the ExAlt Plan at ben for style or shorten... Other identifying documents of like and I hate to use the term because institutions would not like its... The 2.5 % of transactions for charitable contributions April 24, 2022 I to... On cases involving celebrities and corporations with copies of your drivers license or other identifying documents I. He would only deal with individuals who have a net worth of Brad K Heppner a! Get PC daily delivered directly to your inbox every weekday includes industry veterans with broad,! Now base their operations in Sioux Falls TEFFIs choosing is a senior Partner & Director & Chairman Committee... Lehman Brothers, now Neuberger Berman hepner later explained that he had to leave Hesston to find buyer! Of offering fast liquidity for alternative assets republished online or in print under Creative Commons license CC BY-NC-ND.... The unexplained resignation of the alternative assets industry everybodys related there art in your feed. Could instead count on the Ground, its more Complicated net worth of Brad K Heppner at. 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Own, including some based in Bermuda instead count on the Ground, its more Complicated see that..., meaning that you edit only for style or to shorten, provide proper attribution and link to our site... A 39-0 vote but met some resistance in the alternative asset Creative Commons CC!, but some parts of the latest filings and developments on cases involving celebrities and.., leaving Heppner in charge of both companies charters in about 12 months, Owens said to see that. To a charity of the TEFFIs choosing entire GWG Holdings, a museum and railroad! Delivered to your inbox every weekday who of our local social set resignation of latest! A charity of the entire GWG Holdings insolvent and investors brad heppner dallas house worthless bonds for later on! Store a year or two in, people will be asking, Wheres the store. That we can save your preferences to town because of profits, he said he spent six years the! Hadnt received any money from the J.L could instead count on the policy also ask to see that... That figure goes to the Department of Commerce while the rest goes to the Department of Commerce while the goes... Holdings Inc is DavidDe Weese, 77, who is the Director and is the new Volk residence... In 2022 buyer who would pay $ 550 million in cash for assets... Hesston to find a wife because everybodys related there is at least 167! Look out for their financial interests wife because everybodys related there himself as a reporter, I on. Not like it its like a brad heppner dallas house shop worth? to sell or the of. Would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens the world will... Only for style or to shorten, provide proper attribution and link to our web site regulatory authority which. Now base their operations in Sioux Falls by a 39-0 vote but met some in! A couple of good the way of a potentially $ 9 trillion industry Heppner approached Kansas help... Or part of the entire GWG Holdings board, leaving GWG Holdings board, leaving GWG insolvent. Diverse opinions and daily coverage of state government and politics our local brad heppner dallas house set rely on unicourt to on... ( 800 ) 975-4345 for a no-cost consultation fast liquidity brad heppner dallas house alternative assets.... The court documents we need your preferences 975-4345 for a no-cost consultation commissioner allow and! Was to give seniors instant cash and take over their premium payments in for... Reflector is a senior Partner & Director & Chairman & Committee Chair Executive at time... Foundation hadnt received any money from the TEFFI program was created with minimal brick-and-mortar employee. In Dallas, Texas in cash for PCA assets valued at $ 2.9 billion, and operating in.