The Church of Jesus Christ of Latter-day Saints and its investment management company, Ensign Peak Advisers, failed for 20 years to file forms that would have disclosed the church's equity investments and, instead, filed forms for shell companies that obscured the church's portfolio, according to the Securities and Exchange Commission.
The church was concerned the disclosure of a portfolio that grew to $32 billion would lead to negative consequences so it consented to the creation of more than a dozen shell companies to cover its investments, according to the SEC. It continued, "The senior leadership of the Church approved Ensign Peak's recommendation to 'gradually and carefully adapt Ensign Peak's corporate structure to strengthen the portfolio's confidentiality.'"Through the use of this approach for almost 20 years, Ensign Peak's significant role in the securities markets as an institutional investment manager was not disclosed to the SEC, the markets and the investing public, the SEC said.
They got caught with their pants down so they decided to bend over for same sex marriage?
This $5 million dollar fine will definitely serve as a deterrent for the next multibillion investment firm who decides to commit fraud over the course of decades.
Christ Is Cash For many, Christ is allegedly not about compassion or redemption. Christ is cash for actors, architects, authors, attorneys, political campaigns, comedians, cinematography, Christian colleges, the church, recording artists, musicians, vocalists, and warmongers.
Christ Is Cash For many, Christ is allegedly not about compassion or redemption. Christ is cash for actors, authors, political campaigns, comedians, recording artists, global conflict, cinematography, Christian colleges, and the church.
The Church in America Slick He Gets Us Super Bowl ads will never mask church conflict, church shootings, Southern Baptist Church sexual abuse, pedophile Catholic Church priests, nor the $10 billion case of the Church of Jesus Christ of Latter-day Saints. This is why many leave.
Davidlaz Am I surprised? NO!!!
Davidlaz If ever there were a church that should be taxed, the Mormon Church is IT.
Davidlaz There’s that word again. Settlement. The obscenely rich pay the ticket, and move on.
if they weren't Mormons and a large group of hateful anti-Mormons involved everyone knows the 13 individual filings were all that were legally requited but bigotry drives fines from bureaucrats who hate Mormons.
Tom Cruise sneezes that much money, no biggie….
HOLY SMOKES 🤣 only 5 million dollars for covering up all those BILLIONS A BARGIN!
Basically, they started doing quarterly reports in Q4 of 2019 when they realized that was required. Hard-hitting stuff. Maybe you guys can track down our actual tax dollars in Ukrainian pockets next.
Davidlaz TAX THE DAMNED CHURCHES ALREADY.
TAX ALL CHURCHES FFS!!!!!!!!!
The American way, nobody should be surprised !
Wait, Mormons are cheats
For the time it took to write this tweet they already made that fine back.
That's not even a slap on the hand for a money making machine like the Mormon Church...
Mormons mistreating something.. huh who would have guessed.
agreed, they paid five million to hide 32 billion... complete BS. Happens all the time... so wrong.
they paid five million to hide 32 billion
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