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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SEC investigating $100 billion investment fund owned by Mormon churchA $100 billion investment fund owned by the Church of Jesus Christ of Latter-day Saints is being investigated by the Securities and Exchange Commission, which believes the church tried to keep the massive portfolio secret, The Wall Street Journal reported late Friday. God bless His Restored Church, The Church of Jesus Christ of Latter-day Saints! Timeline and visual of the entities used by EP for concealment, 2007-2019. Here is a timeline and visual of the many entities used by EP to conceal assets pre-2020.
Source: WashTimes - 🏆 235. / 63 Read more »

WSJ News Exclusive | Mormon Church’s Investment Arm Under Investigation by SECThe Mormon Church’s investment arm is under SEC investigation over past efforts to keep the size of its $100 billion portfolio a secret Why A thread just cuz it’s appropriate
Source: WSJ - 🏆 98. / 63 Read more »

SEC probes Mormon Church investment division's disclosures, report saysThe SEC is investigating whether the Mormon Church's investment division complied with disclosure rules, report says My guess is they didn't, but like for business, there is no consequences when it's religion. So I think there could be two possibilities… first, they don’t understand tax law clear, but this is of low possibility… second, they are trying to take advantage of imperfect law. The only way to solve such issue is to keep improving laws, that’s a long way… Hooray. Someone knocking on THEIR fecking door for a change 😂
Source: BusinessInsider - 🏆 729. / 51 Read more »

Feds Are Investigating Mormon Church’s Investment FirmThe Securities and Exchange Commission reportedly wants to know if the church’s secretive practices broke any rules. Better check out those Catholics Tax. All. Churches. Every single one Good
Source: thedailybeast - 🏆 307. / 63 Read more »