The Securities and Exchange Commission said Tuesday that Ensign Peak Advisers, the investment management firm that handles the LDS church’s finances, failed to file forms that would have disclosed the value of certain church investments. Instead, the firm filed forms for shell companies that obscured the church’s portfolio and misstated the firm’s control over the church’s investment decisions, the SEC said.
To settle the charges, Ensign Peak agreed to pay a $4 million fine and the LDS church agreed to pay a $1 million penalty. “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 Grewal, director of the SEC’s Division of Enforcement, said in a news release.
Not a fan of LDS, BUT in that it's a tax-free church, please explain how hiding it's hedge fund from SEC matters?
Tax the churches
Are they just crooks or they actually saved all that money from not being allowed to smoke cigarettes and drink alcohol? Cigarettes and alcohol are expensive
The largest ranch land owner in the U.S. with $150 Billion in assets, gives almost nothing to charity. Tax freeeeeeeee! LDS, Inc is a church
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