The Church of Jesus Christ of Latter-day Saints and an investment firm overseeing its assets are set to pay $5 million to settle allegations that it went to “great lengths” to hide a $32-billion fund and deliberately “obscure” the true size of its portfolio, the U.S. Securities and Exchange Commission said Tuesday. Under the terms of the deal, the Mormon church will pay $1 million and its investment manager, Ensign Peak, $4 million.
Inannouncing the charges, the SEC alleged that Ensign Peak, based in Salt Lake City, hid the fund behind multiple shell companies for 22 years, from 1997 to 2019, violating federal tax laws “with the church’s knowledge.” The agency added: “The Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences.” It did not elaborate on the exact nature of those consequences.
Rich people fail upward. 5 mill is peanuts when you are talking about 32 billion.
Tax all churches.
Churches are just like corporations. They have to be compelled to do the right thing or they'll try to get away with anything! Start taxing every arm of org. religion, AND, create KPIs that they have to meet to prove they add social value (feed the hungry, clothe the needy, etc).
$32 billion! Wow!
Take it's tax exempt status away
Does nothing.
5 million. Yeah, that will teach them not to hide 50 billion. 🙄
And this is why it’s more profitable to not follow rules! Just pay the fines
5million settlement over a 32billion dollar fund? I’m really bad at math but this seems like….chump change.
Take all their tax exempt status these religious organization needs to pay their share. Any church that can pay a 5 mill fine to make a 32 billion dollar fraud disappear can pay income tax.
Tax ALL of these religious charlatans!
Holier than thou
Mormons. Scientologists. Whatever.
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