The SEC has charged the Church of Jesus Christ of Latter-day Saints and its Investment Management Company for failing to disclose $32 BILLION in assets & creating thirteen shell companies to hide those assets.
The Church along with Ensign Peak Advisors had come under scrutiny for failing to disclose the full extent of their financial holdings. It was revealed that Ensign Peak Advisors had accumulated a staggering $100 billion in assets, a fact that was not disclosed to the Church’s members or the public.
Via SEC website:
The Securities and Exchange Commission today announced charges against Ensign Peak Advisers Inc., a non-profit entity operated by The Church of Jesus Christ of Latter-day Saints to manage the Church’s investments, for failing to file forms that would have disclosed the Church’s equity investments, and for instead filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions. The SEC also announced charges against the Church for causing these violations. To settle the charges, Ensign Peak agreed to pay a $4 million penalty and the 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,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
A $5 million fine for hiding 32 BILLION.
That’s not even sofa cushion money to the anti-LGBT Mormon Church