LDS Church and its investment firm agree to pay $5M for going to ‘great lengths’ to hide stock holdings

The overarching drive of The Church of Jesus Christ of Latter-day Saints to keep the size and scope of its wealth hidden at all cost is now going to cost it., the Utah-based faith and its investment arm, Ensign Peak Advisors, have agreed to pay $5 million in penalties for failing to properly disclose past stock holdings and going to “great lengths” to deliberately “obscure” the church’s investment portfolio.the church and Ensign Peak.

“We affirm our commitment to comply with the law,” it said, “regret mistakes made, and now consider this matter closed.”What the SEC found Despite the establishment of these limited liability corporations — which the SEC order says were formed for the “sole purpose” of “preventing public disclosure” by Ensign Peak of the “amount and nature” of the church’s assets — Ensign Peak still was calling the shots, investigators found, and “retained control over all investment and voting decisions.”

Still, the SEC expressed concern about Ensign Peak’s “reporting approach” in June 2019, which prompted the investment managers to begin filing a “single aggregated report.”

Maintaining privacy is a crime, ladies and gentlemen!

The SL Trib loving this story! This is like what…. Article 10 on it. 😆🙄

Glad to see this church get fined, but that is a slap on the wrist.

And right on cue - here's the slanted story by our dear Ms. Fletcher-Stack. Confirmation that all reporters at the SLTrib are required to use a small 'j' when they use the word 'journalist' on a resume. Just enough of the story to attack the CJCLDS, not to be truthful.

The SEC should go after the Federal Reserve and Social Security first. The big ponzi schemes. Then go after churches.

I fail to understand why it would be legal for Ensign Peak to invest in shares of major corporations but illegal to invest in a shopping center.

KSLcom

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