SEC probes Mormon Church investment division's disclosures, report says

The scale of its wealth only became apparent in 2019, when David Nielsen, a former employee of Ensign Peak Advisors, which managed assets worth $100 billion for the Church of Jesus Christ of Latter-Day Saints , made aHe alleged that Ensign Peak shouldn't have tax-exempt status because it did not engage in any charitable activities.

Doug Andersen, an LDS representative, did not confirm or deny the probe but told the publication:"We are always willing to work with government regulators to resolve concerns and are committed to full compliance."that the fund was used as a rainy-day account to prepare for the next financial crisis. However, its $100 billion value in 2019 was twice as large as the endowment for Harvard University and bigger than some sovereign wealth funds, per the report.

On January 31, Nielsen's attorneys gave the Senate Finance Committee a 90-page memo, alleging that Ensign Peak made false statements to the Internal Revenue Service about the scale of its assets and whether it held bank accounts overseas. Ensign Peak Advisors, the Mormon Church, the SEC and the Senate Finance Committee didn't immediately respond to requests for comment from Insider, made outside normal working hours.

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