Ex-GWG Holdings Chair Charged With Looting $150 Million (2)

The former chairman of life insurance bond seller GWG Holdings Inc.was accused by federal prosecutors of scheming to loot more than $150 million from the company and using the money for personal expenses, including jewelry and renovations to his home.

Federal prosecutors on Tuesday unsealed an indictment alleging Bradley Heppner created a $141 million debt owed to a shell company by his private company, Beneficient, and then made misleading statements to trick GWG to authorize investments in Beneficient — while claiming that the shell company was independent.

GWG filed for Chapter 11 bankruptcy protection in 2022 amid a probe ...