ALBAWABA - The U.S. Securities and Exchange Commission released a statement Tuesday, saying that the Mormon church was fined for hiding $32 billion of investments.
The Church of Jesus Christ of Latter-day Saints and its investment arm have been fined $5 million.
A Mormon church has been fined for illicitly hiding $32 billion investment fund behind shell companies. https://t.co/VN8EapLI47
— TODAY (@TODAYshow) February 22, 2023
According to reports, the Mormon church is believed to be holding billions of dollars of investments in stocks, bonds, real estate and agriculture. Much of its portfolio is controlled by Ensign Peak Advisers.
Ensign Peak Advisers is a non-profit entity operated by The Church of Jesus Christ of Latter-day Saints to manage the Church’s investments
Ensign Peak Advisers, used "shell" companies to hide a $32bn stock portfolio.
Thought of the day: Well America, there’s your problem. Tip of the iceberg, the magnitude of the scandal is mind boggling: https://t.co/TE8uPcFkMz
— Dr. Geophysics (@Dr_Geophysics) February 22, 2023
The SEC said in a statement: "The Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences."
The church will pay $1 million while Ensign Peak will pay $4 million in penalties based on the violation.
According to the press release, the SEC’s order finds that, from 1997 through 2019, Ensign Peak failed to file Forms 13F, the forms on which investment managers are required to disclose the value of certain securities they manage.
