Beneficient Gets Wells Notice Amid Probe of Ties to GWG Holdings

Beneficient, the fintech firm that provides financing for investors seeking an early exit from their alternative-asset investments, said regulators notified the company they’re considering a civil enforcement action stemming from its ties to GWG Holdings Inc.

The company said in its 10-K filing it received the so-called Wells Notice on June 29 from the Securities and Exchange Commission’s Division of Enforcement, after the agency’s staff made a preliminary determination to recommend taking action against the company and Brad Heppner, founder and chief executive.

A Wells Notice, which isn’t a formal allegation or finding of misconduct, gives a company ...