DOJ Charges Former GWG Holdings CEO

The United States Department of Justice recently indicted former GWG Holdings CEO and Board Chairman Bradley Heppner. According to a press release issued on November 4, 2025, federal prosecutors charged Mr. Heppner with “securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, false statements to auditors, and falsification of records.”

As Reuters reported in an article about the indictment, the DOH alleged that Mr. Heppner participated in “in a scheme to steal more than $150 million from the then publicly traded GWG while serving as its chairman.” As it notes, he was chairman of both GWG Holdings and a financial services startup called Beneficent. In 2022, GWG Holdings, which issued a life settlement-backed product called GWG L Bonds, filed for bankruptcy in 2022, while under investigation by the Securities and Exchange Commission.

“As alleged, Heppner abused his role as a public company executive to loot the company and to funnel money into his own pockets,” said United States Attorney for the Southern District of New York, Jay Clayton, in a statement included in the press release. “When executives like Heppner lie and cheat to enrich themselves at the expense of everyday investors, they corrupt the integrity of our public markets. The women and men of the SDNY and our law enforcement partners will continue to work tirelessly to protect investors and the markets.”

The DOJ press release notes additionally that Mr. Heppner resigned from GWG Holdings’ board of directors in June 2021, and “separated” Beneficent, which had received funds from GWG in part to pay off its own debts, later that year. “Thereafter, GWG filed for Chapter 11 bankruptcy,” the release states, “unable to satisfy more than one billion in obligations to tens of thousands of retail bondholders.”

Carlson Law represents several investors involved in GWG L bond claims against financial advisors and investment firms throughout the United States. If you or a loved one have suffered losses investing in GWG L bonds, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.