Mormon church fined $5M for obscuring size of portfolio with shell companies

FILE - The angel Moroni statue atop the Salt Lake Temple is silhouetted against a cloud-covered sky, at Temple Square in Salt Lake City on Feb. 6, 2013. The U.S. Securities and Exchange Commission says, Tuesday, Feb. 21, 2023, The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines. The SEC alleges the church used shell companies to obscure the size of the portfolio under the church's control.

Ensign Peak avoided disclosing investments “with the church’s knowledge,” denying the SEC and the public of accurate information required under law, Gurbir Grewal, the agency’s enforcement director, said in a statement. “The Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences,” the SEC said in a statement announcing the charges.

Two years later, prominent church member James Huntsman filed a lawsuit against the church alleging it misrepresented how it used donations and, rather than direct them to charitable causes, invested in assets including real estate and an insurance business. A judge dismissed the complaint last year and Huntsman later appealed the decision.

“We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed,” they said.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

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

Mormon Church Fined for Hiding $32B Investment Fund Behind Shell CompaniesThe 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 & deliberately “obscure” the true size of its portfolio. Mormons. Scientologists. Whatever. Tax ALL of these religious charlatans! Holier than thou
Source: thedailybeast - 🏆 307. / 63 Read more »

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
Source: CBSNews - 🏆 87. / 68 Read more »

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.
Source: WOKVNews - 🏆 247. / 63 Read more »