Mormon church, investment arm to pay $5 million SEC fine over reporting issues

Ensign Peak Advisors, the investment arm, paid a $4 million penalty and the church paid $1 million, the SEC said.

“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. Grewal, director of the SEC’s Division of Enforcement, said in a statement. “The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.

The lack of compliance was exposed in 2019, when a whistleblower alleged the church had not been candid about its investment activities, saying it had amassed a $100 billion investment fund that included the securities holdings.. The church said in a statement: “Since 2000, Ensign Peak received and relied upon legal counsel regarding how to comply with its reporting obligations while attempting to maintain the privacy of the portfolio. … Ensign Peak and the Church believe that all securities required to be reported were included in the filings by the separate companies.”

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