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 compliance charges come months after the CEO of BFF's parent company pleaded guilty to fraud charges earlier this year in a case related to but separate from . . .
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