HCLP
Hi-Crush Inc
stock NYSE

[Beneficient Statement About Brad Heppner Indictment](https://www.globenewswire.com/news-release/2025/11/05/3181568/0/en/Beneficient-Statement-About-Brad-Heppner-Indictment.html) \- BENF BENFW
"As previously disclosed, Beneficent parted ways with Mr. Heppner earlier this year promptly after the Company learned of clear and credible evidence of his fraud on the Company and others. Beneficient will continue to vigorously pursue its own potential claims against Mr. Heppner and entities associated with him on behalf of its shareholders. Beneficient has and will continue to cooperate with the government’s investigation of Mr. Heppner."
Another for the SPAC CEO Hall of Shame.
"[Heppner was accused in the indictment, unsealed Tuesday](https://kansasreflector.com/2025/11/04/former-beneficient-ceo-who-acquired-unique-kansas-bank-charter-indicted-on-fraud-charges/#:~:text=Heppner%20was%20accused%20in%20the%20indictment%2C%20unsealed%20Tuesday), of misappropriating at least $150 million from the publicly traded, now-bankrupt GWG Holdings through a series of self-serving transactions tied to Beneficient and Highland Consolidated Limited Partnership. He was simultaneously chairman of GWG and Beneficient, and secretly controlled HCLP, according to the indictment.
“Though Heppner repeatedly described HCLP as an independent entity, it was, in fact, a shell company controlled by Heppner and operated for his benefit,” the indictment said. “Once Heppner exhausted his ability to siphon GWG’s assets for himself, he separated himself from GWG. GWG filed for bankruptcy shortly thereafter, causing losses exceeding $1 billion to thousands of investors and bondholders.”
"The indictment says Heppner used the money for personal expenses, including $40 million for renovation of a Dallas mansion and a ranch in Montalba, Texas. He allegedly spent $10 million on upkeep, expansion and IT services on those properties as well as $10 million to cover credit card debt and private aviation expenditures. He purportedly used $20 million to pay tax expenses and bought jewelry valued at more than $500,000."
BENF stock is currently 58 cents per share, after a 1 for 80 reverse split in April 2024.

[Beneficient Statement About Brad Heppner Indictment](https://www.globenewswire.com/news-release/2025/11/05/3181568/0/en/Beneficient-Statement-About-Brad-Heppner-Indictment.html) \- BENF BENFW
"As previously disclosed, Beneficent parted ways with Mr. Heppner earlier this year promptly after the Company learned of clear and credible evidence of his fraud on the Company and others. Beneficient will continue to vigorously pursue its own potential claims against Mr. Heppner and entities associated with him on behalf of its shareholders. Beneficient has and will continue to cooperate with the government’s investigation of Mr. Heppner."
Another for the SPAC CEO Hall of Shame.
"[Heppner was accused in the indictment, unsealed Tuesday](https://kansasreflector.com/2025/11/04/former-beneficient-ceo-who-acquired-unique-kansas-bank-charter-indicted-on-fraud-charges/#:~:text=Heppner%20was%20accused%20in%20the%20indictment%2C%20unsealed%20Tuesday), of misappropriating at least $150 million from the publicly traded, now-bankrupt GWG Holdings through a series of self-serving transactions tied to Beneficient and Highland Consolidated Limited Partnership. He was simultaneously chairman of GWG and Beneficient, and secretly controlled HCLP, according to the indictment.
“Though Heppner repeatedly described HCLP as an independent entity, it was, in fact, a shell company controlled by Heppner and operated for his benefit,” the indictment said. “Once Heppner exhausted his ability to siphon GWG’s assets for himself, he separated himself from GWG. GWG filed for bankruptcy shortly thereafter, causing losses exceeding $1 billion to thousands of investors and bondholders.”
"The indictment says Heppner used the money for personal expenses, including $40 million for renovation of a Dallas mansion and a ranch in Montalba, Texas. He allegedly spent $10 million on upkeep, expansion and IT services on those properties as well as $10 million to cover credit card debt and private aviation expenditures. He purportedly used $20 million to pay tax expenses and bought jewelry valued at more than $500,000."
BENF stock is currently 58 cents per share, after a 1 for 80 reverse split in April 2024.