SEC Imposes $5 Million Fine On Latter-Day Saints And Investment Company
View Source | February 23, 2023 5:41 pm
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- The Church of Jesus Christ of Latter-day Saints and its non-profit investment company Ensign Peak Advisers Inc. will pay $5 million for utilizing shell companies to obscure its $32 billion investment portfolio, according to the Securities and Exchange Commission.
- From 1997 through 2019, Ensign Peak did not file the required forms, and the religious group became concerned that disclosing the portfolio would lead to backlash, the SEC said.
- “To obscure the amount of the Church’s portfolio, and with the Church’s knowledge and approval, Ensign Peak” formed 13 shell companies, the government said.
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