The Securities and Exchange Commission said Tuesday that Ensign Peak Advisers, the investment management firm that handles the LDS church’s finances, failed to file forms that would have disclosed the value of certain church investments. Instead, the firm filed forms for shell companies that obscured the church’s portfolio and misstated the firm’s control over the church’s investment decisions, the SEC said.
To settle the charges, Ensign Peak agreed to pay a $4 million fine and the LDS church agreed to pay a $1 million penalty. “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,” Gurbir Grewal, director of the SEC’s Division of Enforcement, said in a news release.
Not a fan of LDS, BUT in that it's a tax-free church, please explain how hiding it's hedge fund from SEC matters?
Tax the churches
Are they just crooks or they actually saved all that money from not being allowed to smoke cigarettes and drink alcohol? Cigarettes and alcohol are expensive
The largest ranch land owner in the U.S. with $150 Billion in assets, gives almost nothing to charity. Tax freeeeeeeee! LDS, Inc is a church
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Feds fine Mormon church for illicitly hiding $32 billion investment fund behind shell companiesNEW: The Church of Jesus Christ of Latter Day Saints and a nonprofit entity that it controlled have been fined $5 million by the SEC over accusations that the religious institution failed to properly disclose a multibillion-dollar investment fund. The SEC accused the church of going to “great lengths” to avoid disclosing its investments and, in doing so, “depriving the commission and the investing public of accurate market information.” BeSeriousUSA Wow that 5 mil is really gonna hurt😒 Mormonism Is A Cult
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Mormon Church pays $5 million to settle accusations it covered up $32 billion investment portfolioThe Mormon Church agreed Tuesday to pay $5 million to settle charges involving disclosure failures and misstated regulatory filings. they paid five million to hide 32 billion agreed, they paid five million to hide 32 billion... complete BS. Happens all the time... so wrong. Mormons mistreating something.. huh who would have guessed.
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Mormon church fined for scheme to hide $32 billion investment portfolioThe Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million for using shell companies to obscure the size of its $32 billion portfolio, which was under church control, the U.S. SEC announced Tuesday. TaxTheChurches Nothing Jesus of Nazareth like activités going on around here. Can we just tax these f errs already
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Church of Jesus Christ of Latter-day Saints, Its Investment Adviser Settle SEC ProbeThe Church of Jesus Christ of Latter-day Saints' money manager will pay $4 million to settle SEC claims of obscuring the church's investments Hello Same transcript? they need to pay taxes on their billions
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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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