SEC Imposes $5 Million Fine On Latter-Day Saints And Investment Company

Members of the Mormon church are encouraged to donate 10 percent of income

  • 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.