To resolve the matter, nonprofit firm Ensign Peak Advisors agreed to pay a $4 million penalty and the church agreed to pay $1 million. The church said it will pay out of investment returns on a portfolio that some estimate is worth more than $100 billion.
The U.S. Securities and Exchange Commission says The Church of Jesus Christ of Latter-day Saints and its investment arm will pay $5 million in fines.The Church of Jesus Christ of Latter-day Saints and an affiliated investment arm will pay penalties and adhere to standard investment-reporting practices after federal regulators accused them of failing to properly disclose the church's stock-market investments worth billions of dollars and other details.
A statement issued Feb. 21 by church officials said Ensign Peak and the church have cooperated with the government to resolve the matter. From 1997 through 2019, the SEC said Ensign Peak failed to file scores of 13F forms on which investment managers are required to disclose what securities they oversee and how much they are worth. According to the investment-watchdog agency, the church was concerned that disclosure of its portfolio, which by 2018 had grown to $32 billion, would lead to"negative consequences.
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