The Church Office Building, shown Tuesday, Feb. 21, 2023, is reflected in a downtown Salt Lake City building, where Ensign Peak Advisors, the investment arm of The Church of Jesus Christ of Latter-day Saints, is located.How did The Church of Jesus Christ of Latter-day Saints and its Salt Lake City investment firm, Ensign Peak Advisors, hide billions of dollars in stock holdings?
Securities laws require investment managers with control over at least $100 million in publicly traded stocks to disclose the fair market value of the assets under their management. And throughout most of its 26-year history, the SEC said, Ensign Peak was aware of this requirement to file such disclosures, known as, and brought the rule to the attention of senior church leaders — along with a plan to get around it.
Then, with approval of senior church leaders, Ensign Peak filed its public disclosures from February 2003 through September 2006 under that company name. Then, in 2015, someone reportedly began connecting the holdings of those LLCs back to Ensign Peak, and its managers again brought the matter to the church’s attention. Senior church leaders approved a plan to “gradually and carefully adapt Ensign Peak’s corporate structure to strengthen the portfolio’s confidentiality.” The SEC said Ensign Peak then formed six additional clone LLCs.
Are you honest in your dealings with your fellowmen?
I’d be very curious to hear what the Church will respond with. 5 million dollar fine seems significant. But compared to the amounts their were hiding, it’s pennies. Seems like they played Trump’s game well. I guess this is simply how it’s done at this level. It’s still wrong.
Typical religion, anybody surprised?
I love the use of clone. That isn’t what the SEC report said, it’s what another paper reported, saying 12 clones instead of 13 shell corporations. If I’m wrong, please correct me, but I think this headline is incorrect
IRS_CI
A ruse is an action intended to deceive someone. Deception is dishonest behavior. The leadership of the Ch_JesusChrist of Latter-day Saints cannot justify this behavior in any way, shape, or form.
They're as much a church as I'm the Pope. It's all about money. I left the damned thing years ago because I saw thru the lies.
Your new subscriber only paywall is obnoxious. I have to close the application entirely to go back to my feed.
You're saying that creating LLCs is a 'ruse' to 'hide' their investments?
JimJanda52 Ruse: an action intended to deceive someone; a trick.
. Living large on 10 percent .
Tl;dr The church is a multibillion dollar scheme to transfer public money into the hands of its leaders.
Explanation:
“We believe in being subject to kings, presidents, rulers, and magistrates, in obeying, honoring, and sustaining the law.” Heavenly Father wants us to be good citizens. Being a good citizen means following the laws, or rules, of the places we live.
Lds corrupt to the core. Utah , Las Vegas , Florida and 'god' knows what they are doing in foreign country's. Careful what you do and say as , Porter Rockwell is alive and well in the corrupt business sector of the lds church.
Come on. Those holdings weren't kept secret. Those holdings are sacred.
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