The markets watchdog said the church and its nonprofit investment company, Ensign Peak Advisers Inc, used shell companies to mask its growing investments in public companies, which reached $32 billion in 2018, due to concerns of negative publicity.
The use of shell companies came to light in 2019, when a former employee of Ensign Peak filed a whistleblower complaint. From 1997 through 2019, those shell companies filed the mandatory forms detailing the investments and improperly claimed to operate independently. In reality, the investments were still controlled by Ensign Peak, and the church was aware of the arrangement with church employees heading most of the companies, according to the SEC.
…..that’s church for you!!! …may they rot and burn 🔥
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 Church has always been up to no good. Smh!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mormon church, investment arm to pay $5 million SEC fine over reporting issuesThe Church of Jesus Christ of Latter-day Saints and its nonprofit investment arm will pay $5 million in fines and penalties to the Securities and Exchange Commission for failing to file disclosure forms, the church confirmed Tuesday.
Source: WashTimes - 🏆 235. / 63 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 »
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
Source: NBCNews - 🏆 10. / 86 Read more »
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.
Source: ABC - 🏆 471. / 51 Read more »
Church of Jesus Christ of Latter-day Saints, Its Investment Adviser Settle SEC ProbeThe Church of Jesus Christ of Latter-day Saints' money manager will pay $4 million to settle SEC claims of obscuring the church's investments Hello Same transcript? they need to pay taxes on their billions
Source: WSJ - 🏆 98. / 63 Read more »