State banking regulators have brought an enforcement action against a unique type of Kansas financial institution that allows affluent investors to liquidate alternative assets such as venture capital and private equity that aren’t easily converted to cash.
Kansas Bank Commissioner David Herndon revealed publicly on Thursday that a notice of charges was issued to Beneficient Fiduciary Financial - also known as BFF - for 32 alleged violations of the state banking code.
The notice of charges includes background and factual findings about Beneficient's operations in Kansas.
The notice of charges was issued after the company refused to sign a consent . . .
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