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.
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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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Mormon Church pays $5 million to settle accusations it covered up $32 billion investment portfolioWASHINGTON — The Mormon Church agreed Tuesday to pay $5 million to settle charges involving disclosure failures and misstated regulatory filings.
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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 and investment co to pay $5 mln for misleading public -SECThe Church of Jesus Christ of Latter-day Saints (LDS) 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, the Securities and Exchange Commission announced on Tuesday. That Church has always been up to no good. Smh! When Indian Churches will pay for fooling people in broad day light. noconversion has shared millions of video where openly every illegal trick is being used on camera. Only God knows what they might be doing when camera is off. HMOIndia PMOIndia myogiadityanath AmitShah …..that’s church for you!!! …may they rot and burn 🔥
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