WASHINGTON — The U.S. Securities and Exchange Commission on Tuesday charged the Church of Jesus Christ of Latter-day Saints and its investment fund with failing to file forms that disclosed its investments.
The SEC said Ensign Peak has paid a $4 million penalty to settle the charges, while the Church paid a $1 million penalty. In its order, the SEC claimed Ensign Peak failed to file the proper 13F forms during a 22-year period beginning in 1997 because the Church was worried that the disclosure of its $32 billion portfolio would"lead to negative consequences."“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,” said Gurbir S.
In a statement following Tuesday's announcement, Church leadership said it had relied on Ensign Peak legal counsel on how to fulfill its reporting obligations. "In June 2019, the SEC first expressed concern about Ensign Peak’s reporting approach. Ensign Peak adjusted its approach and began filing a single aggregated report. Since that time, 13 quarterly reports have been filed in full accordance with SEC requirements," the Church wrote.
There is billions more!! Keep digging.
They’ve been about money since before the “golden plates”. Joe was a know con artist since his Captain Kidd treasure hunting days. Swindling people to dig for treasure as he looked at his magical stone.
I hope they get charged for creating a crime and not showing up in court here
So they are getting rid of the charity tax deduction, does this also include tithing?
They use the cornerstone method of incorporation Been asking for an extension to finish their corporate articles for over 60 years
Time to tax the greedy selfish churches
You make it sound sensational but this amounts to a parking ticket.
Attacking religion like this should terrify everyone.
It took 7 hours 20 minutes of earning interest on the Ensign Peak portfolio to pay the church back for the fine.
The words you're looking for are money laundering.
Okay, on the count of 3, all the ex-Mormons jump up and down and throw a fit.
Wait until you hear about their common practice of letting middle-aged men take 12-year-old kids behind closed doors alone so they can ask the kids how often they masturbate.
I could have sworn I read an article where the church slammed the whistle blower who was 100% right. They lied & created shell companies for Pete's sake. They also lied about the continued abuse of children. Need to kick out all of the church leadership + try again. All corrupt.
Keep digging… ⚖️
5% of my wealth to break laws with impunity sounds like a sweet deal.
Interesting to watch the report on this. It’s easy to see which news sources have an axe to grind. You can also see how easily the unwashed hoard consumes the byproduct these “journalists” dump on the unwary public. “By their deeds, you will know them.” Matthew 7:16
Tax the churches !!!
They really should stop calling themselves a church.
i hope all the mormons go to jail soon.
Another investigation…that always leads to nowhere. But I’m glad the ex-mo’s are excited and get a thrill up their leg!
Not one single person is going to be surprised by this.
And you wonder why Utah is the home of the Ponzi scheme? People follow their leaders.
The Mormon mafia has billions of dollars of private business hiding behind religious tax exemption
Attacking religions now...how bout we require all the politicians to do this first!
The Church Of Jesus Christ Of Latter Day Saints is not worthy of a temple recommend.
An innocent mistake
“By their fruits ye shall know them.”
Translation: They lied, and then lied attempting to hide the lie? Do I have that right? Maybe they SHOULD be taxed, eh?
Oops.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: sltrib - 🏆 316. / 61 Read more »