Beneficient (NASDAQ:BENF) (the "Company"), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets, today issued a statement regarding the conviction of the Company's former Chairman and CEO, Brad Heppner, by a federal jury in the United States District Court for the Southern District of New York ("SNDY") on charges of securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, and false statements to auditors in connection with a scheme to defraud GWG Holdings, Inc. As established at trial, Mr. Heppner acted solely on behalf of his family office to perpetrate this scheme through a shell company he controlled. See here for SDNY's press release announcing the verdict.

As previously disclosed, the Company parted ways with Mr. Heppner promptly upon learning of clear and credible evidence of his fraud on the Company and has cooperated fully and transparently with the government's investigation and prosecution. The conviction on all counts presented to the jury confirms what the Company has previously disclosed and delivers a significant step towards accountability for Mr. Heppner's misconduct.