Mormon church, investment arm to pay $5 million SEC fine over reporting issues

Ensign Peak Advisors, the investment arm, paid a $4 million penalty and the church paid $1 million, the SEC said.

“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” Gurbir S. Grewal, director of the SEC’s Division of Enforcement, said in a statement. “The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.

The lack of compliance was exposed in 2019, when a whistleblower alleged the church had not been candid about its investment activities, saying it had amassed a $100 billion investment fund that included the securities holdings.. The church said in a statement: “Since 2000, Ensign Peak received and relied upon legal counsel regarding how to comply with its reporting obligations while attempting to maintain the privacy of the portfolio. … Ensign Peak and the Church believe that all securities required to be reported were included in the filings by the separate companies.”

South Africa South Africa Latest News, South Africa South Africa Headlines

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

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 »

LDS Church and investment firm agree to pay $5M for going to ‘great lengths’ to hide its stock holdingsBREAKING: The LDS Church and its investment firm Ensign Peak have agreed to pay $5 million for going to 'great lengths' to hide its stock holdings. SLTribPolitics Meanwhile, Hunter Biden gets a pass. LDS people need to vote against the regime that targets them. Fake news. That is not enough, it's just more of the same. Church is just corrupt, sorry if I offend, there's plenty of good people call BS on that. For crying out loud. Homeless, crazy, suffering people in the streets, and they roll in filthy lucre
Source: sltrib - 🏆 316. / 61 Read more »

Abbott under investigation by SEC and FTC for infant formula businessAbbott is being investigated in relation to their infant formula business.
Source: 6abc - 🏆 250. / 63 Read more »