Mormon church fined $5M for obscuring size of portfolio with shell companies

FILE - The angel Moroni statue atop the Salt Lake Temple is silhouetted against a cloud-covered sky, at Temple Square in Salt Lake City on Feb. 6, 2013. The U.S. Securities and Exchange Commission says, Tuesday, Feb. 21, 2023, The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines. The SEC alleges the church used shell companies to obscure the size of the portfolio under the church's control.

Ensign Peak avoided disclosing investments “with the church’s knowledge,” denying the SEC and the public of accurate information required under law, Gurbir Grewal, the agency’s enforcement director, said in a statement. “The Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences,” the SEC said in a statement announcing the charges.

Two years later, prominent church member James Huntsman filed a lawsuit against the church alleging it misrepresented how it used donations and, rather than direct them to charitable causes, invested in assets including real estate and an insurance business. A judge dismissed the complaint last year and Huntsman later appealed the decision.

“We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed,” they said.

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