Mormon Church, investment arm will pay $5 million to settle SEC charges

Instead, the SEC said, Ensign Peak created 13 shell companies with approval from the church and had them file the forms. But the shell companies were controlled by Ensign and the forms were signed by managers who mostly worked for the church.“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” Gurbir S.

The church confirmed the settlement in its own statement Tuesday, saying that it was acting on legal advice how to “comply with its reporting obligations while attempting to maintain the privacy of the portfolio.” It revised its reporting process after it heard from the SEC in 2019 and has filed a single report quarterly since, the

5 mil is a fraction of a single percent of 32 bil. The church wont even notice that 5 mil is a joke, not a deterrent

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Sounds like Jesus needs to start turning over some tables.

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Church of Jesus Christ of Latter-day Saints, Its Investment Adviser Settle SEC ProbeThe Church of Jesus Christ of Latter-day Saints' money manager will pay $4 million to settle SEC claims of obscuring the church's investments Hello Same transcript? they need to pay taxes on their billions
La source: WSJ - 🏆 98. / 63 Lire la suite »

Feds fine Mormon church for illicitly hiding $32 billion investment fund behind shell companiesNEW: The Church of Jesus Christ of Latter Day Saints and a nonprofit entity that it controlled have been fined $5 million by the SEC over accusations that the religious institution failed to properly disclose a multibillion-dollar investment fund. The SEC accused the church of going to “great lengths” to avoid disclosing its investments and, in doing so, “depriving the commission and the investing public of accurate market information.” BeSeriousUSA Wow that 5 mil is really gonna hurt😒 Mormonism Is A Cult
La source: NBCNews - 🏆 10. / 86 Lire la suite »