The Church of Jesus Christ of Latter-day Saints and its investment management company have agreed to pay a combined $5 million to settle charges they previously hid the church’s multibillion-dollar stock portfolio from the public, theThe markets watchdog said the church and its nonprofit investment company, Ensign Peak Advisers Inc., used shell companies to mask its growing investments in public companies, which reached $32 billion in 2018, due to concerns of negative publicity.
The use of shell companies came to light in 2019, when a former employee of Ensign Peak filed a whistleblower complaint. The Church of Jesus Christ of Latter-day Saints and Ensign Peak Advisers Inc., used shell companies to mask its growing investments, the SEC charged.The use of shell companies came to light in 2019, when a former employee of Ensign Peak filed a whistleblower complaint.From 1997 through 2019, those shell companies filed the mandatory forms detailing the investments and improperly claimed to operate independently.
“We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed,” the church 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,” said Gurbir Grewal, director of the SEC’s Division of Enforcement in a statement.
Shocking, religions are corrupt? No way, next thing you will know we will learn water is wet.
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Mormon church, investment arm to pay $5 million SEC fine over reporting issuesThe Church of Jesus Christ of Latter-day Saints and its nonprofit investment arm will pay $5 million in fines and penalties to the Securities and Exchange Commission for failing to file disclosure forms, the church confirmed Tuesday.
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